Shopoff Realty Investments Advances Magnolia Tank Farm Project

Author: Owen Jenkins Updated: 09-18-2024 01:13 PM

Shopoff Realty Investments Secures City Council Approval

Shopoff Realty Investments, a notable player in opportunistic and value-add real estate investments, has received unanimous support from the City Council for the Magnolia Tank Farm project. This mixed-use master plan spans over 29 acres and is poised to bring extensive community benefits.

Innovative Community Features

The Magnolia Tank Farm project has been carefully designed to enhance the housing landscape. It will offer more than 200 for-sale single-family homes, a 50-unit affordable multifamily community, and a boutique hotel with 215 rooms, accompanied by significant retail space of approximately 19,000 square feet.

Affordable Housing Initiatives

A key component of the Magnolia Project is its commitment to affordable housing. The initiative stands out with a groundbreaking program designed to allocate 50% of the affordable units specifically for hotel workers. This approach enables employees to reside closer to their workplaces, reducing long commutes and fostering a supportive community.

A Coalition of Support

The approval by the City Council, with a unanimous vote of 7-0, reflects the dedication of Shopoff Realty Investments to engage diverse groups and stakeholders. William Shopoff, President and CEO, emphasized the importance of forming a coalition that included affordable housing advocates, labor unions, and local residents. This collaborative effort has been crucial in driving the project forward.

Timeline and Future Developments

With the City Council’s approval now secured, Shopoff Realty Investments is eager to progress the development into the next stages. The anticipated groundbreaking is set for summer or fall 2025, marking a significant step towards revitalizing the community and enhancing the local landscape.

About Shopoff Realty Investments

Shopoff Realty Investments is an Irvine-based real estate firm with a remarkable 32-year history in value-add and opportunistic investing across the United States. The company's focus lies in enhancing property value through the repositioning of commercial income-producing properties and various development projects.

Contact Information

For more information, you can contact Jill Swartz from Spotlight Marketing Communications at 949.427.1389 or via email at jill@spotlightmarcom.com.

Frequently Asked Questions

What is the Magnolia Tank Farm project?

The Magnolia Tank Farm project is a mixed-use development by Shopoff Realty Investments that includes residential homes, affordable housing, and a hotel.

Where is the Magnolia Tank Farm project located?

The project is situated on a 29-acre site near Magnolia Avenue and Pacific Coast Highway.

What makes this project significant?

This project addresses housing needs by incorporating affordable housing, specifically for hotel workers, promoting local living.

When is the expected groundbreaking?

The project is expected to break ground in summer or fall 2025.

Who can I contact for more information about the project?

For inquiries, you can reach out to Jill Swartz at 949.427.1389 or email her at jill@spotlightmarcom.com.

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