"We're very excited that we were able to acquire this property, given the high level of interest from competitors,'' said Paul Makarechian, CEO of Makar Properties LLC, of the purchase from Polygon Shelter Inc. "This continues with our acquisition of well-positioned, complex mixed-use and upscale destinations."

Located on the northwest corner of La Jolla Drive and Executive Drive, the site is approved for a 32-story, 115-unit luxury condominium tower with hotel services and amenities, a 15-story, 327-room luxury hotel, a 30,000-sf science and research facility and a 20-story, 450,000-sf office tower.

As part of the deal, Washington State-based Polygon Shelter has agreed to repurchase for an undisclosed price the approximately 3.4-acre site entitled for the 20-story office tower. For Makar Properties, this deal represents another high-profile, mixed-use development the Newport Beach-based firm will undertake where it can showcase its diversified real estate development expertise.