JV Begins Phase I of $500M MXD Project

NEWPORT BEACH, CA—GlobeSt.com has learned that the first phase of Uptown Newport Village, a residential and retail project here set to break ground this month, will cost roughly $225 million to build. The project, launched by the Shopoff Group, will replace a pair of aging industrial buildings on 25 acres with a unique community of neighborhood shops, restaurants, parks and upscale homes and apartments. Total construction costs for the project are expected to exceed $500 million.

The Shopoff Group jointly acquired the Uptown Newport site with its capital partner, DRA Advisors, in 2010. Shopoff successfully secured Newport Beach City Council approval and entitlements for the project in 2013 and purchased DRA Advisors’ stake in the project last month.