Shopoff Realty Investments has sold an entitled development site in Newport Beach to Shea Homes, the company announced earlier this month.

The Park Palm site, a portion of the 25-acre Uptown Newport Village property at 4311 Jamboree Road, is approved for the construction of 23 townhomes.

"For decades, Orange County's airport submarket has been defined by office and industrial uses, but when we acquired this site, it became clear that residential was what the area and the city of Newport Beach truly needed. We saw the site as a rare infill opportunity, one with the potential to become a thoughtfully designed mixed-use village for both families and working professionals alike," said Shopoff president and chief executive officer William A. Shopoff in a news release. "Since acquiring the site over 15 years ago, the firm has approached Uptown Newport Village with intention, evident in One Uptown Newport apartment community, Uptown Newport Park, and Parkhouse Residences."

 The Uptown Newport Village property is entitled for the construction of up to 1,244 residential units, 11,500 square feet of commercial space, and a pair of one-acre parks.

The initial phase of the redevelopment has already been partially realized through the construction of the 458-unit One Uptown Newport by The Picerne Group and Uptown Newport Park. Shopoff also developed the Parkhouse Residences, a 30-unit condominium complex. Park Palm is the final component of the first phase.

Shea Homes is expected to break ground on Park Palm  in 2027, and be completed between 2028 and 2029.

Shopoff's other Orange County project include recently-approved plans for housing in Buena Park and the under-construction redevelopment of the Westminster Mall.

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