This post was originally published on this site
The growing list of significant office-to-residential conversion projects proposed across Newport Beach has expanded to include a waterfront property in the city.
The owners of Bayside Park, a two-building office complex in Corona del Mar that sits alongside the Marine Avenue bridge leading to Balboa Island, are looking to redevelop the 1.4-acre property into an 8-story, 144-unit residential complex, city records indicate.
The 144-unit complex, at 1101 Bayside Drive and 1111 Bayside Drive, would run eight floors high and include a two-level subterranean parking garage.
The commercial campus at Bayside Drive and Marine Avenue currently features two, three-story buildings with medical and general office tenants.
Its best-known tenant is healthcare software firm Tebra Technologies Inc., one of OC’s more valuable private tech companies.
The proposal did not say how many square feet the new building would be as no detailed plans were included in Bayside’s application. The company states that its intention is to replace an office campus of 1.4 acres and 63,035 square feet of land with a 144-unit apartment project.
The plan also calls for 237 parking spaces for residents and guests. Parking spaces currently on the property for the neighboring marina would also be replaced, according to the application.
Bayside Square Investments, through Newport Beach-based Redwood West, bought Bayside Park from Newport Beach-based Invesco Real Estate as part of a 1031 exchange in 2018, according to CoStar.
Irvine-based Shopoff Realty Investments owned the office campus at one point.
Boom in Apartment Proposals
In recent weeks, at least two other applications have been filed with the city of Newport Beach proposing converting an office building into an eight-floor residential tower.
David Ellis and Romy Simone Ellis, trustees of the Ellis Family Trust, recently filed an application to convert a Chase Bank building on the corner of Jamboree Road and Santa Barbara Drive into an eight-floor high-rise with 120 apartment units across the street from the Newport Beach Police Department and near Fashion Island.
Some tenants would occupy units overlooking the golf course at the Newport Beach Country Club.
Another proposal would tear down an office building near Newport Beach City Hall and replace it with an eight-floor high-rise containing 76 apartment units.
Several other residential redevelopments are also proposed at or near Fashion Island.
Park Newport LP wants to add 366 apartment units to a multifamily property it owns in the shadows of Fashion Island.
Irvine Company recently proposed a combined 800 apartment units at Villas of Fashion Island located at 1000 San Joaquin Plaza, and Newport Center’s Block 100 – a planned four-building multifamily development at 11 Newport Center Drive.
Irvine Co. also plans to convert a portion of an office campus at MacArthur Court in Newport Beach into a residential development with 700 units.
Redwood West’s portfolio includes the Old Spaghetti Factory on Balboa Peninsula, Lido Marina Village and The Space Collective Workspace in Costa Mesa.