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A plan by Shopoff Realty to build 250 homes and a 215-room hotel on a former oil storage tank site in Huntington Beach has been unanimously approved by the city council.
“We are grateful to the city of Huntington Beach for their support of this project, which we believe will be a fantastic addition to the city, brightening this historically blighted stretch of the coast,” Shopoff Realty CEO Bill Shopoff said in a statement to the Orange County Register, which reported the news.
The project involves the construction of 200 for-sale homes, a 50-unit affordable housing complex and a 215-room hotel. Half of the units in the affordable complex will be set aside for hotel workers. The project will also include 19K SF of retail, the Register reported.
Shopoff said in July that the homes could be completed as soon as 2027, according to the Register. A timeline for full buildout or the cost of the project was not disclosed.
The state's Department of Toxic Substances Control approved the site for housing. The property is also next to an inactive landfill, according to the Register. Some community opposition hinged on the perceived risks of having the property developed because of its previous use and proximity to the former landfill.
Shopoff bought the property, known as the Magnolia Tank Farm, in 2016 for $26.5M, more than $900K per acre, according to The Real Deal.
The project was initially approved by Huntington Beach in 2021 but had to be approved again following changes made to the project by the Coastal Commission. Those changes included the request for some of the affordable housing at the site to be reserved for hotel workers, according to the Register.
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