The Fountain Valley Planning Commission unanimously recommended plans for a proposed 18-acre housing development near Mile Square Regional Park.
Euclid + Heil, proposed by Irvine-based Shopoff Realty Investments, would bring 304 market-rate apartments and 83 senior affordable units in a five-level building, plus 36 two-level for-sale triplexes and 183 three-level for-sale townhomes to 16300 Euclid St. in Fountain Valley.
Shopoff Realty is partnering with Lennar Homes and National CORE to bring online the housing project, which would also include pools, parks and game areas.
“As California continues to tackle its housing shortage, we believe the addition of this project and its diverse product mix may benefit the greater community for
generations to come, offering both for-rent and for-sale product in a supply-constrained market,” Shopoff Chief Executive William Shopoff said in a statement.
Shopoff Realty bought the property near Fountain Valley’s Mile Square Regional Park in 2021 and submitted its plans to the city in January 2024. Grading for the development is slated to begin later this year, with the apartments and affordable housing units to be completed by 2028. The first phase of townhomes and triplexes would open in 2028. Sales would continue through spring 2029.
The project’s consulting team includes Kimley-Horn, AO Architects and Urban Crossroads.
Shopoff is well known in Orange County business circles and won the Business Journal’s Businessperson of the Year in the real estate sector for his accomplishments in 2023.
In March, he was the keynote speaker at the Business Journal’s 2025 Excellence in Entrepreneurship Awards.
Fountain Valley Housing Plan
A city website about the Euclid + Heil project said Fountain Valley was mandated by the state to add 4,839 new residential units to its housing supply, including 2,093 residences for lower-income households.
Fountain Valley’s City Council and Planning Commission targeted a former strawberry field at the northeast corner of Euclid Street and Heil Avenue for the Shopoff Realty development.
The site, according to city staff, would activate underutilized land, provide access to infrastructure and public services, and be located in proximity to jobs and schools.
Shopoff Realty Staying Active
Fountain Valley greenlighting the Euclid + Heil development was quickly followed by Shopoff Realty securing $52 million in financing for a development in Mesa, Arizona.
Atlanta-based Peachtree Group provided the financing, allowing Shopoff Realty to develop The Block at Elliot in Mesa, Arizona, one of the largest suburbs in the metro Phoenix area.
The financing would help Shopoff Realty fund the next stage of development at The Block, which includes 270 acres of undeveloped land. That next stage of work would include grading, offsite street improvements and utilities.
Shopoff Realty purchased the site where The Block at Elliot would be built in 2022 and has since secured approvals for the project to be annexed into the city of Mesa, Arizona, a suburb about 20 miles east of downtown Phoenix.
Mesa, Arizona, officials and Shopoff Realty are working to “review and finalize the project’s development plan and product mix,” according to a company statement.
Shopoff Realty confirmed it has engaged with a general contractor but did not disclose its identity. Grading is scheduled to start later this year.
Walker & Dunlop’s Mark Strauss and Rob Quarton helped secure financing.
Other projects within Shopoff Realty’s portfolio include a 13.8-acre site in Buena Park that could be converted into residential use and a 29-acre property near the Huntington Beach coast.
Shopoff Realty plans to build more than 200 single-family houses, a 51-unit affordable apartment development, 215-room hotel, 19,000 square feet of retail and four acres of parks at the former oil storage tank farm in Huntington Beach.
The Buena Park property is currently occupied by Amway Corp. as part of a sale-leaseback deal signed earlier this year.