Mall near 2nd & PCH sells for $ 67.9 million, with plans for new housing – Press Telegram

Marina Shores, the mall just east of 2ND & PCH on the Pacific Coast Highway, has been sold, with a multi-use development, comprising up to 500 residential units, planned there.

A master land use plan approved last year – the specific plan for the Southeast Zone – has sparked great interest in the property, said Chris Benton, senior managing director of broker Newmark Group Inc. The plan has changed the zoning of the waterfront property from commercial to multi-use.

“Marina Shores has generated a lot of interest with over 15 offers,” Benton said in the sale announcement. “The demand was driven by the new specific property plan (SEASP), conducive to multi-family development, its highly landscaped micro-location and the efficiency of fixed costs compared to the development scale associated with the strong growth of properties. rents in the submarket.

The mall, owned by Regency Centers, includes a vacant Mimi long BARS building and a Whole Foods grocery store left empty when this chain moved to a much larger location at 2ND and PCH. The buyer is Onni, a Los Angeles-based development company with over 50 years of experience developing commercial and residential properties. Onni paid $ 67.9 million for the property.

It was not immediately clear what the status of the current leases was there, including a Petco, and several smaller service and catering operations.

“This is an incredible part of the city and one in which I expect a lot of fantastic investments over the next few years,” said city councilor Suzie Price, whose third borough includes the property. “The hard work that has gone into developing the South East Zone Specific Plan (SEASP) will be reflected in this project as well as in the much needed new housing that will arrive in the neighborhood. “

Marina Shores is located between the Pacific Coast Highway and Alamitos Bay Marina. The larger 2ND & PCH center was redeveloped from the SeaPort Marina hotel property, but abandoned plans for a residential component because the previous land use master plan did not allow residential construction.

Onni officials did not return requests for comment on plans or a redevelopment schedule. Christopher Koontz, deputy director of the city’s development services department, said the new regulations encourage mixed use, with both retail and residential.

“Any mix of residential, retail and hotel is allowed (on this site),” Koontz said in an email. “The height limit is five floors or up to seven if a hotel is included in the mix. I expect a predominantly residential project with a few ancillary retail outlets, but we don’t officially have the proposal yet.

Although a mixed-use project does not require special approvals like those sought by developers for 2ND & PCH, specific plans still need to be approved by the city planning commission. It also falls under the jurisdiction of the State Coast Commission.

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Edwin S. Wolfe