Shopoff Realty Investments recently acquired a 28.6 acre parcel of land in Huntington Beach, California for $26.5 million which they plan on transforming into a mixed-use development which will include a resort. National Real Estate Investor staffer David M. Levitt reports on the the firm's $500 million plan to change the parcel which currently features three 500,000-barrel tanks with a capacity for about 63 million gallons of petroleum.
In addition to the resort, there are plans to construct stores and restaurants in the area but the firm is well aware of the challenge ahead of it before any of this is completed as Chief Executive Officer William Shopoff explains:
“The land parcel is in a phenomenal location with close proximity to the Pacific Ocean,” he said in the statement. “Redevelopment of a site like this is a challenge on many fronts, but creates incredible opportunities.”