Irvine, Calif. – January 21, 2021 – Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has secured approval from the Huntington Beach City Council for its Magnolia Tank Farm project.
The Huntington Beach City Council approved the Environmental Impact Report, Specific Plan, Zone Change and a Development Agreement for the visitor serving mixed use project, which will include approximately 250 single-family detached and attached homes, a 215-key boutique lodge with 40 of the rooms dedicated to affordable lodging, approximately 19,000 square feet of neighborhood retail, and public open space and trails throughout.
“Removing the former oil storage tanks on this property in 2017 was a big initial step for this property, moving it from a blight on the community into a useable and positive development,” explained Shopoff Realty Investments president and chief executive officer, William Shopoff. “Now with City approvals secured, we are thrilled to be able to move this project forward, providing much needed housing in this supply constrained market, as well as neighborhood focused retail and a boutique lodge that will differentiate itself from the other ocean adjacent hotel properties.”
Shopoff Realty Investments vice president, development, James O’Malley added, “This opportunity will enrich the City of Huntington Beach in many ways, at a time where unproductive land can be converted to provide many improvements and needed revenue.”
Shopoff purchased the land in 2016 and after removing the former oil tanks, the property was leased to AES as a construction staging area as the company renovated the adjacent power plant. During this time, Shopoff worked on the project entitlements and received project approval from the Huntington Beach City Planning Commission in November 2019.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 29-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 29-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.
This is not an offering to buy or sell any securities. Such offer may only be made through the offering’s 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.
This is neither an offer to sell nor a solicitation of an offer to buy any security. An investment in a Shopoff limited partnership involves a high degree of risk, including the possible loss of your investment, and is illiquid with an uncertain liquidity date. Past performance is not indicative of future results. Securities offered through Shopoff Securities, Inc., member FINRA/SIPC.