HUNTINGTON BEACH, CA—Working with neighbors, utility plants, residential and wetlands are just a few issues that come up with coastal development, Shopoff Realty Investments' CEO William Shopoff tells GlobeSt.com. As we recently reported, the firm has acquired 28.6 acres of land here for redevelopment for $26.5 million. The site is currently home to a former oil-storage tank farm and pumping facility. We spoke exclusively with Shopoff about the challenges of developing this site and the next steps for development.
GlobeSt.com: What are the challenges of developing this Huntington Beach site, and how are you meeting them?
Shopoff: Almost all sites in California would be considered challenging. The issues are more complex when you get near the coast. We have to work with our various neighbors and the issues each of these present: a power plant and a proposed desalination plant, existing residential to the south of us and the wetlands to the west of us. All of these neighbors have different desires and offer various constraints. It is our job to pull all of these issues together and create a harmonious solution.
GlobeSt.com: Why did this particular land parcel made sense for the type of development you are planning?
Shopoff: It is not easy to find large-scale parcels in coastal communities. The market will be there once you complete the development, so the exit part of the equation is easier to understand. In addition, there are more exciting design features we can include in higher-value coastal locations.
GlobeSt.com: Can you tell us more about the mixed-use development you envision for this site?
Shopoff: We are still working through various issues to try and determine the optimal plan for the site. I would expect to reveal the particulars later this year.
GlobeSt.com: What else should our readers know about this transaction or this project?
Shopoff: If you like the beach, you can put your name on the wait list for a home. That way, you don't miss out.
HUNTINGTON BEACH, CA—Working with neighbors, utility plants, residential and wetlands are just a few issues that come up with coastal development, Shopoff Realty Investments' CEO William Shopoff tells GlobeSt.com. As we recently reported, the firm has acquired 28.6 acres of land here for redevelopment for $26.5 million. The site is currently home to a former oil-storage tank farm and pumping facility. We spoke exclusively with Shopoff about the challenges of developing this site and the next steps for development.
GlobeSt.com: What are the challenges of developing this Huntington Beach site, and how are you meeting them?
Shopoff: Almost all sites in California would be considered challenging. The issues are more complex when you get near the coast. We have to work with our various neighbors and the issues each of these present: a power plant and a proposed desalination plant, existing residential to the south of us and the wetlands to the west of us. All of these neighbors have different desires and offer various constraints. It is our job to pull all of these issues together and create a harmonious solution.
GlobeSt.com: Why did this particular land parcel made sense for the type of development you are planning?
Shopoff: It is not easy to find large-scale parcels in coastal communities. The market will be there once you complete the development, so the exit part of the equation is easier to understand. In addition, there are more exciting design features we can include in higher-value coastal locations.
GlobeSt.com: Can you tell us more about the mixed-use development you envision for this site?
Shopoff: We are still working through various issues to try and determine the optimal plan for the site. I would expect to reveal the particulars later this year.
GlobeSt.com: What else should our readers know about this transaction or this project?
Shopoff: If you like the beach, you can put your name on the wait list for a home. That way, you don't miss out.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
