On May 19, Shopoff Realty Investments, a leading national real estate and investment firm based in Irvine, broke ground on a $90 million luxury condominium community called Parkhouse Residences—the only new luxury condominium development of its kind on the horizon for Newport Beach.
Newport Beach Mayor Brad Avery and other Newport Beach Council Members along with community leaders and the Shopoff team participated in a private groundbreaking ceremony to commemorate the start of construction.
“Today marks a new era of housing in Newport Beach with the groundbreaking of Parkhouse Residences, bringing a much-needed addition to this extraordinary city as it continues to grow,” said Mayor Avery. “Shopoff Realty Investments is creating living opportunities that haven’t existed in the past, and I look forward to seeing the next phase of housing coming to the area with Bill Shopoff as a proud champion of Newport Beach.”
Over the coming months, a flurry of construction activity is expected across the 25-acre, two-phase development that is part of the $1.25 billion master-planned community of Uptown Newport, located near Jamboree Road and MacArthur Boulevard.
Parkhouse’s five, five-story buildings will feature a limited collection of 30 homes with a combination of three-bedroom, half-floor flats and two-story penthouses priced from approximately $1.9 million. Completion of construction is expected in spring 2022 with homeowners moving in soon after.
“The enthusiasm surrounding Parkhouse Residences since we announced the project in February has been overwhelming and has resulted in hundreds of inquiries from prospective buyers locally and nationally,” said Bill Shopoff, president and CEO of Shopoff Realty Investments. “These brand-new, sophistical residences will set a new standard of high-end, high-style condominium living in Newport Beach with low-rise buildings, direct elevator entry, half-floor residences and private garages. We look forward to seeing this community take shape in the coming months.”
For more information, visit ParkhouseResidences.com.
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Source: Newport Beach Independent