This post was originally published on this site
Yet another Newport Beach building could be demolished for an apartment building.
The city is considering turning a two-story Chase Bank at 1470 Jamboree Road into an eight-floor mixed-use project with 120 apartments and 11,600 square feet of ground-floor commercial space, according to public documents. The property, located across the street from the Newport Beach Police Department near Fashion Island would overlook the golf course at the Newport Beach Country Club.
Some of the apartment units would be set aside for affordable housing tenants.
The housing project would feature a mix of studios, one-, two- and three-bedroom units totaling 112,400 square feet.
On-site amenities include a clubhouse, fitness center, lobby and lounge area, all taking up about 9,000 square feet.
Plans also call for four subterranean levels of parking.
The mixed-used development is being proposed by David M. Ellis and Romy Simone Ellis, trustees of the Ellis Family Trust.
Public documents show the Ellis family is proposing the eight-floor building to reach a top height of 88 feet.
The nearly12,000-square-foot office building on Jamboree Road was developed in 1975 and renovated in 2014. CoStar data shows the building is owned by Newport Beach Chamber of Commerce and the Ellis Family Trust.
The proposed housing development at 1470 Jamboree Road resembles another proposal at 12 Corporate Plaza near Newport Beach City Hall. Plans there call for a two-level office building to be demolished and replaced with an eight-floor, 76-unit apartment high-rise.
Both projects must secure Planning Commission and City Council approvals before construction is allowed to begin.
Influx of Supply for OC Multifamily Market
The proposals to demolish office buildings for residential high-rise towers are part of a larger trend to increase apartment supply and meet demand across Orange County.
Marcus & Millichap, in its 2025 multifamily forecast for Orange County, said the region’s steadily low vacancy rates fostered improved sales activity.
J.P. Morgan, meanwhile, recently projected Orange County rents to rise 1.3% in the near term and by as much 3% in the coming years.
Matthews Real Estate Investment Services reported Orange County’s apartment development pipeline is active.
“Despite a nationwide slowdown in sales activity caused by increased interest rates and tighter credit conditions, Orange County’s apartment market remained resilient. In 2024, approximately 150 transactions were completed, up 20% from the low of 2023,” according to Matthews OC multifamily report.
The report also noted that development in Orange County suffers from a tight supply of land with Irvine singled out for its development pipeline.
“Development is historic and continues to be centered in the booming city of Irvine, where more than 4,000 apartments are under construction and will be delivered in the next few years,” the report said.
Newport Beach, according to the Matthews report, did not have any apartment units under construction to start this year. The city’s average rent, the report continued, was 7% higher than those in Irvine.