Shopoff Realty Investments, a national manager of opportunistic real estate investments and a sponsor of private placement offerings, has secured the Huntington Beach City Council’s approval for its mixed-use master plan project, Magnolia Tank Farm, located on 29 acres near Magnolia Avenue and Pacific Coast Highway in Huntington Beach, Calif. The council voted 7-0 in favor of the project.
Shopoff Realty secured California Coastal Commission approval in July 2024. With City Council approval now in place, plans for the community can move into the next stage of development. The project anticipates approximately 200+ single-family detached and attached homes, a 50-unit affordable multifamily community, and a 215-key boutique hotel with 19,000 square feet of retail.
“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 William Shopoff, president and chief executive officer.
According to Shopoff Realty, the future southeastern Huntington Beach community will provide quality housing for Huntington Beach residents, with a much-needed affordable housing component. This includes a first-of-its-kind program which will dedicate 50% of the affordable housing to hotel workers on-site and within the coastal region of the city. Shopoff believes this innovative program is vitally important to the success of this project, as it will allow workers to live in the city where they are employed.
“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,” added Shopoff.
Over the summer, Shopoff Realty acquired a 55-acre property in the Inland Empire East region of California, with plans to develop a distribution/warehouse space. Earlier this year, Christy Hutchison was promoted to senior vice president, national accounts. Hutchison joined the company in 2017 as a national accounts manager and was later promoted to director of national accounts.
Shopoff Realty Investments is an Irvine, Calif.-based real estate firm with a 32-year history of generating appreciation through development projects, the repositioning of commercial income-producing properties, and the entitlement of land assets.
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