The Huntington Beach City Council has approved a master plan to redevelop a 29-acre property near Magnolia Avenue and Pacific Coast Highway with housing and commercial uses, Shopoff Realty Investments announced a last week.

The mixed-use development, named Magnolia Tank Farm for the massive fuel storage tanks that once stood on the property, calls for the construction of more than 200 single-family homes, as well as a 50-unit apartment complex, a 215-room boutique hotel, and approximately 19,000 square feet of retail space. The proposal has already received approval from the California Coastal Commission.

"We are grateful to the city of Huntington Beach for their support of this project, which we believe will be a fantastic addition to the city, brightening this historically blighted stretch of the coast," said Shopoff President and chief executive officer William Shopoff in a statement. "This approval marks a major milestone for the project, and we'd like to thank all our many supporters who saw the immense value in this new community, including affordable housing advocates, labor unions, construction and hotel workers, Huntington Beach residents and businesses, as well as the California Coastal Commission. Being able to build such as diverse coalition of groups to support this project ultimately led to our ability to garner unanimous support."

Shopoff is also planning affordable housing within the complex, of which 50 percent are to be reserved for employees of the new hotel and others within Huntington Beach.

The project, expected to cost roughly half of a billion dollars, is slated to break ground in Summer or Fall of 2025.

In addition to the Huntington Beach project, Shopoff is attached to a plan to add more than 1,000 homes and a 175-room hotel to the Westminster Mall.

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