NEWPORT BEACH, Calif., Aug. 31, 2017 /PRNewswire/ -- The Picerne Group, in collaboration with Shopoff Realty Investments, announces the ground breaking of Phase I of its Uptown Newport project, located on Jamboree Road between Birch St and MacArthur Blvd in Newport Beach, Calif.
Phase I of the planned development includes a 462-unit luxury apartment project, a joint venture between The Picerne Group and Shopoff Realty Investments. Phase I of the development will also include up to 218 for-sale condos, 6,500 square feet of restaurants and a one-acre public park.
"We are extremely pleased to have the opportunity to develop in a wonderful city such as Newport Beach," said Derek Picerne, Vice President of Development for The Picerne Group. "The apartment project represents the first phase in a master plan that will redefine Newport Beach's airport area. We have been working closely with our partner, Shopoff Realty Investments, for several years on the vision for this project and the ground breaking ceremony is one large step towards seeing that vision realized."
"Uptown Newport is a game changing development for this traditionally office and industrial area of Newport Beach," said William Shopoff, president and CEO of Shopoff Realty Investments. "It is the first residential project in the airport area of Newport Beach to be developed as envisioned by the City's General Plan. Working with our partner, The Picerne Group, we are thrilled to see our co-development of the apartment component of Uptown Newport break ground. The Uptown Newport Apartments will set the bar for luxury apartment living in the airport area."
The Uptown Newport Apartments will feature 462 luxury apartment units built on approximately 5 acres. The luxury apartment community will also include a 50-foot wide central pedestrian paseo between the north and south buildings. The two, elevated resort-style amenity podium decks, the main social gathering spaces for residents, are connected by a bridge spanning the paseo. The Picerne Group will own and manage the apartments upon completion, which is expected to begin leasing in 2019.
The Uptown Newport Village development, as envisioned and approved, will replace the aging office and manufacturing buildings on the 25-acre site with a unique community of neighborhood shops, restaurants, parks and upscale homes and apartments. When fully completed, Uptown Newport will feature 1,244 luxury homes and rental apartment units, up to 11,500 square feet of retail and restaurants, two 1-acre parks open to the public, as well as, plazas, fountains and several public paseos. Shopoff Realty Investments is the master developer for the site, building the overall infrastructure and the two 1-acre parks.
About The Picerne Group
The Picerne Group (TPG) is a privately held, Southern California-based investment firm. TPG focuses on distressed debt investments both in the United States and internationally as well as land development/entitlement, apartment development and apartment investment in the western United States. Since its inception in 1988, TPG has invested in over $10 Billion of real estate and real estate related assets. The firm's leadership has decades of experience in real estate investing, apartment development, apartment construction management and asset management across all property types. Additional information is available at www.picernegroup.com.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 25-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 25-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. 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 offerings 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. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.
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SOURCE Shopoff Realty Investments