Shopoff Realty Investments Secures Unanimous Planning Commission Approval for Chula Vista Residential Project

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Jul 27, 2020, 12:46 ET

CHULA VISTA, Calif., July 27, 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 in Chula Vista, California has been unanimously approved by the city's planning commission, with a 5-0 vote in favor of the project.

Located at the intersection of Moss Street and Industrial Boulevard, the property is comprised of 6.91 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.

"This property is located in a prime coastal location within a transforming area of Chula Vista," said Shopoff Realty Investments president and chief executive officer, William Shopoff. "With the Bayfront Hotel and Convention Center project underway less than one mile from the site, this location will be ideal for new housing, filling a great void in this area."

The now approved plans provide for a three-story attached townhome development, featuring 141 units within a gated community.

Brian Rupp, Shopoff's executive vice president of development added, "The City of Chula Vista was very receptive to our vision for the project and we worked closely with city staff to ensure that this project would meet the needs of this growing city. Our next step is to go before the city council on August 25th."

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