Shopoff Realty Investments has acquired a 28.6-acre parcel of oilfield land a few miles up the coast in Huntington Beach with the intent to convert that site to residential, commercial and resort.
Shopoff reportedly paid $26.5 million for the land, currently an oil tank farm with three 500-barrel oil tanks and oil pumping facilities. The tanks would have to be moved and the land cleaned. But the Shopoff firm intends to invest $500 million on the project.
The site, at the intersection of Magnolia Street and Banning Avenue, is only 400 yards from the Huntington State Beach at Pacific Coast Highway overlooking the Pacific Ocean.
Newport’s Banning Ranch has run into heavy opposition from nearby residents. Like the Banning Ranch plan, the Shopoff development would require approvals — not only municipal approval but also approval from the California Coastal Commission.
