News Summary
Intracorp Homes has purchased a 22,956-square-foot office building in Newport Beach for $16.8 million. The company plans to convert the building into 67 residential condominiums, responding to the growing demand for housing in the area. The Newport Beach City Council has approved the development plans, which include providing 146 parking spaces for future residents. This acquisition reflects a shift in the local real estate market as developers repurpose commercial spaces into residential units.
Newport Beach
Intracorp Homes, a Canadian homebuilder, has acquired an office building in Newport Beach for $16.8 million. The transaction, which took place on July 18, involved the purchase of a 22,956-square-foot property situated on 1.7 acres at 1401 Quail St. The building sold for approximately $730 per square foot.
As part of the acquisition, Intracorp Homes plans to transform the existing office building into residential condominiums. The company has already filed the necessary paperwork with the city of Newport Beach to demolish the current structure, which is presently occupied by several tenants, including Sunpeak Construction and United American Properties.
Development Plans
Following the acquisition, Intracorp Homes intends to develop 67 for-sale condominiums on the property. This new condominium project is expected to provide 146 parking spaces to accommodate the future residents. The Newport Beach City Council approved Intracorp’s development proposal in April 2024, signaling a positive response to the conversion of commercial space into residential units.
Background Information
The seller of the property was Light & Associates, a firm based in Newport Beach. The sale illustrates a broader trend in real estate, where developers are repurposing office spaces as the demand for residential properties continues to rise. Newport Beach has seen a significant shift in its property market, aligning with the growing need for more housing options in urban areas.
Intracorp Homes has a reputation for developing high-quality residential projects across North America. Its portfolio reflects a commitment to creating vibrant communities that cater to various market needs. The company’s decision to invest in Newport Beach aligns with the increased call for residential units in desirable locations within California.
The local government’s cooperation in approving the developer’s plans indicates an awareness of the housing challenges facing the region. With the approval process in place, it’s likely that construction on the new condominium project will begin shortly after the demolition of the existing office building.
Overall, this development marks a significant step for Newport Beach in addressing housing demands while optimizing land use in the area. The influx of new condominiums will not only provide more living spaces but also contribute to the revitalization of the local economy.
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Additional Resources
- Orange County Business Journal
- REBusiness Online
- CBRE
- Connect CRE
- Google Search: Newport Beach real estate
- Wikipedia: Newport Beach, California
- Encyclopedia Britannica: Newport Beach
- Google News: Newport Beach development
- Google Scholar: Newport Beach housing market
Author: STAFF HERE COSTA MESA
The Costa Mesa Staff Writer represents the experienced team at HERECostaMesa.com, your go-to source for actionable local news and information in Costa Mesa, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the OC Fair, performances at the Pacific Amphitheatre, and community gatherings at The LAB Anti-Mall. Our coverage extends to key organizations like the Costa Mesa Chamber of Commerce and Visit Costa Mesa, plus leading businesses in retail, entertainment, and innovation that shape the local economy. As part of the broader HERE network, including HEREAnaheim.com, HERESantaAna.com, HEREHuntingtonBeach.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
