Lincoln Property Wins Approval for 100 Condo Project Near John Wayne Airport

• Newport Beach approves 100 market-rate condos by Lincoln Property Company
• Project replaces office building at 1500 Quail Street
• City still targeting 8,174 housing units by 2029, including affordable

What Lincoln Property is Building in Newport Beach

Lincoln Property Company secured approval for The Residences at 1500 Quail Street. The project will bring 100 for-sale condos across 24 buildings on a 4.8-acre site. Units will range from about 1,591 to 1,876 square feet, each with a two-car garage. The development replaces an existing office building and becomes part of the broader Newport Place community.

What this means for office-to-residential conversion trends

This approval reflects a clear shift in use. An older office property is being repositioned into residential housing. In markets like Newport Beach, demand for larger, for-sale units remains strong. Developers are taking advantage by converting underused office sites into higher-value residential assets. For investors, this trend continues to open opportunities in adaptive reuse plays.

What this means for Newport Beach housing goals

The city must plan for 8,174 new housing units by 2029, with a portion set aside for affordable housing.

During discussions, a city official expressed concern over the project’s impact on affordability, noting that “this is contributing to that problem, which I think will come back to bite us.”

City officials pushed back on these concerns, stating that there is still enough land available to meet affordable housing requirements.

What this means for developers and investors

Projects like this show that market-rate housing is still moving forward in high-cost California markets. The low-density design and larger unit sizes target buyers looking for space near major job centers like John Wayne Airport. For developers, the strategy is simple: replace outdated office assets with residential products that can achieve stronger pricing.

What this means for California development strategy

This deal highlights how cities are balancing state housing mandates with ongoing development. While affordable housing remains a challenge, approvals for market-rate projects continue to move ahead. For investors, the focus remains on well-located infill sites that can be repositioned into residential use.

What this means for long-term value

Lincoln Property Company’s project is positioned in a supply-constrained coastal market with steady demand. As more office properties become obsolete, similar conversions will likely follow. For landlords and investors, this reinforces the value of repositioning assets into residential uses to capture long-term upside.