Shopoff Realty Investments Secures Unanimous City Council Approval for Chula Vista Residential Development

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Dec 09, 2020, 14:26 ET

CHULA VISTA, Calif., Dec. 9, 2020 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that its 141-unit Moss Street Townhomes project has been unanimously approved by the Chula Vista City Council. The approval clears the way for project development and the creation of homes for 141 additional families.

Located at the intersection of Moss Street and Industrial Blvd. in the City of Chula Vista, the property is comprised of 6.94 acres of land and is located less than two miles from the Chula Vista Marina. The site is currently used for light industrial and features three existing buildings totaling approximately 37,100 square feet of space, with tenant leases expiring shortly.

"We're so pleased to see this project receive final approval from the City and allow the development to move into the next phase with construction," said Shopoff Realty Investments president and chief executive officer, William Shopoff. "Moss Street Townhomes will be a wonderful new project for the City of Chula Vista and a quality housing option offering residents convenient access to area amenities."

The now fully approved plans provide for a three-story attached townhome development, featuring well-designed homes for today's buyer, within a gated community.

Brian Rupp, Shopoff's executive vice president of development added, "Working with the City of Chula Vista was a fantastic experience and we are grateful that they understood our vision, as well as the benefits that the project would bring to the surrounding area. We certainly look forward to working in Chula Vista again in the near future."

About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 28-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 28-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.

Disclosures
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.

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SOURCE Shopoff Realty Investments