Introduction to Cityview Eyes Office-to-Resi Conversion in Irvine
Cityview is looking to turn an office complex in Irvine into housing.
The Los Angeles-based firm has filed plans for a 422-unit residential building at the two-building Newport Summit office park at 19600 and 19700 Fairchild Road, the Orange County Business Journal reported. Newport Summit as it stands totals about 111,500 square feet.
Acquisition and Plans
Cityview acquired the property in March of this year from an affiliate of TPG Angelo Gordon for $34.5 million, or about $309 per square foot. New York-based TPG Angelo Gordon held a stake in the property since 2018. The office complex has traded hands at least seven times since 2007, with past owners including EQ Office, Lincoln Property, Bixby Land Company and Maguire Properties, per CoStar data cited by the Business Journal. For the latest deal, Cityview got a $20.5 million loan from Banc of California.
In addition to the residences, Cityview is also looking to incorporate some retail along with the multifamily residential units. A timeline for the project has not been disclosed.
Nearby Developments
It’s the latest residential project planned near the University of California, Irvine Health’s new hospital on Jamboree Road. Uptown Newport, a mix of for-sale and rental units proposed by Shopoff Realty Investments, is across Jamboree Road; that project is being built in phases and first opened for rentals about six years ago. The UCI Health–Irvine complex’s main hospital is slated to open for patients in December.
Other housing projects are being considered for other nearby office sites in Irvine and Newport Beach. J+R Group, for example, has filed plans to turn part of an eight-story, 178,000-square-foot office building at 1901 Main Street into 76 homes.
Irvine Company’s Plans
Irvine Company, headquartered in Newport Beach, is looking to build up to 2,500 new housing units near UCI in the nearby University Research Park. On the other side of town, the Donald Bren-led firm is planning to build 1,500 single-family homes and 1,600 apartments on the site of the Oak Creek Golf Club; that plan calls for converting a nearby office complex into a school.
The City of Irvine must plan for 23,610 new homes by 2029 as part of its Regional Housing Needs Assessment.
Read More
Read more
Donald Bren’s Irvine Company plans housing development near University of California, Irvine
Irvine Company aims to transform golf course into village of 3K homes
Irvine Company wants to build 700 apartments in Newport Beach
Conclusion
The conversion of office spaces into residential units is a growing trend in Irvine, driven by the need for more housing and the availability of underutilized office spaces. Cityview’s plan to convert the Newport Summit office park into a 422-unit residential building is just one example of this trend. With the City of Irvine required to plan for over 23,000 new homes by 2029, it is likely that we will see more office-to-resi conversions in the area.
FAQs
Q: What is Cityview planning to build in Irvine?
A: Cityview is planning to build a 422-unit residential building at the Newport Summit office park.
Q: How much did Cityview pay for the property?
A: Cityview paid $34.5 million for the property, or about $309 per square foot.
Q: What other developments are being planned in the area?
A: Other developments include Uptown Newport, a mix of for-sale and rental units, and Irvine Company’s plans to build up to 2,500 new housing units near UCI.
Q: How many new homes must the City of Irvine plan for by 2029?
A: The City of Irvine must plan for 23,610 new homes by 2029 as part of its Regional Housing Needs Assessment.
