Five developers have submitted plans for the parcel, a relatively long and narrow patch of land on the city's panoramic peninsula. Though all five bidders have tried to keep details of their plans a secret, at least one hopes to build an 83-room hotel and another wants to build a 156-room resort, Newport Beach officials tell GlobeSt.com.
Details of all five plans will be made public tonight. The Newport Beach City Council will then decide how development of the parcel should proceed.
The parcel parallels West Balboa Boulevard. Though many believe it's under-developed, there's a mobile-home park, Girl Scouts hut and 50-year-old American Legion hall on the land—factors that will likely influence the City Council's decision. Some of the developers would preserve the facilities while others would relocate them.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
