The Irvine Company plans to turn 107,000 square feet of offices in Newport Beach into 700 homes.
The Newport Beach-based developer has filed preliminary plans to convert some offices at MacArthur Court into apartments, while building two apartment buildings at 4665, 4675 and 4685 MacArthur Court, and 4770 Campus Drive, the Orange County Business Journal reported.
MacArthur Court now has 600,000 square feet of offices in two 15-story Italian Navona travertine towers and three low-rise office buildings built in the early 1980s near John Wayne Airport, according to an Irvine Company brochure, and on LoopNet.
Plans for the 18.7-acre office campus call for converting 107,000 square feet of the low-slung office buildings at 4665 and 4685 MacArthur Court into homes, according to a letter to the city.
The Irvine Company also plans to redevelop a parking lot to construct two five-story apartment buildings with a combined 677,900 square feet. The new apartments would surround a six-level parking garage.
The office-to-home conversion and the two apartment buildings would have a combined 700 units. The number of affordable units, if any, were not disclosed.
About 600,000 square feet of offices would be preserved at MacArthur Court. The Irvine Company would add a lawn between the new apartment buildings and the remaining offices, plus 37,000 square feet of “recreational amenity areas,” according to city documents.
The area near Costa Mesa’s John Wayne Airport is among five regions that Newport Beach has rezoned for housing projects.
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The upscale coastal city has a state-mandated plan to build 4,845 homes by 2029, of which 2,386 would be affordable for very low-income and low-income households. The city has rezoned the airport area for nearly 2,600 homes.
In August last year, Newport Beach cut its requirement for affordable homes near John Wayne Airport by half in an effort to attract developers.