Southern California developer Shopoff Realty plans to build a $500 million resort and mixed-use development on a former oil-tank farm near the Huntington Beach coast, reports Jeff Collins, staffer with The Orange County (Calif.) Register. He writes:
The company paid $26.5 million last week for the 28.6-acre site near Magnolia Street and Banning Avenue inland from Huntington State Beach and the Magnolia and Brookhurst marshes. That’s equivalent to spending $21 a square foot, or $927,000 an acre.
The firm plans to develop the property into a hotel, homes, and a commercial development with retail and restaurants.