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NEWPORT BEACH, CA-Turner Development of Newport Beach plans 375,000 sf of office and retail, plus a 119-room hotel for the fifth and final phase of the company’s 73-acre Riverwalk project. The 375,000 sf will include 275,000 sf of professional and medical offices along with 100,000 sf of shops and restaurants.

The groundbreaking for the project signals the final phase of approximately one million sf at the mixed-use development, which is on Pierce Street near the 91 Freeway in Western Riverside. The 275,000 sf of office in the final phase comprises twin class A four-story towers of 100,000 sf each, a 38,462-sf two-story medical building with offices for lease and a two-story condominium office building featuring turnkey office suites from 800 sf to 1,600 sf for sale.

The 100,000 sf of retail development, called the Shops at Riverwalk, will include upscale boutiques, spas and restaurants that will include two sit-down dining options and nine additional fast-casual outlets. When complete, the entire project will be a $170 million development.

According to Michael Kendall, vp of development for Turner Development Corp., the project is designed to provide a wide range of options for firms from Orange, Los Angeles and San Diego counties who are seeking an Inland Empire office. In addition, the development is attracting local professional service firms looking for upgraded facilities, Kendall adds.

Kendall notes that the rapid sellout of medical offices in phase four of the Riverwalk project illustrated the demand for that product. In addition, as GlobeSt.com reported last summer, Turner sold all 13 office condominiums in the third phase of the project.

Turner, which was founded in 1979, specializes in the acquisition, development and management of industrial and commercial real estate in Southern California. It has developed and acquired more than five million sf of industrial and commercial properties.

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