TPG Angelo Gordon and Lincoln Property Win Approval for Newport Beach Townhomes

• Newport Beach City Council unanimously approved plans for 132 for-sale townhomes near John Wayne Airport.
• The project will replace two office buildings at 1200-1300 Dove Street and 4041 MacArthur Boulevard totaling about 173,000 square feet.
• The new community will include 36 buildings with two-, three- and four-bedroom townhomes ranging from 1,251 to 2,562 square feet.
• Seven of the 132 residences will be designated for very low-income households, while the project will also include three courtyards and a publicly accessible landscaped walkway.

What The Newport Beach Project Includes

TPG Angelo Gordon and Lincoln Property Company have received unanimous approval from the Newport Beach City Council to redevelop the Redstone campus near John Wayne Airport. The proposal calls for the demolition of two existing office buildings at 1200-1300 Dove Street and 4041 MacArthur Boulevard and their replacement with 132 for-sale townhomes. The office buildings total approximately 173,000 square feet and sit on a 6.5-acre site that also contains a three-story parking garage and surface parking. The new residential community will consist of 36 buildings with two-, three- and four-bedroom townhomes. Homes will range from approximately 1,251 to 2,562 square feet, and each residence will include a two-car garage.

What The Townhome Community Will Look Like

The project is being designed by Bassenian Lagoni and will have a neighborhood-style layout rather than one large residential building. Plans include three shared courtyards that will provide common outdoor areas for residents. A landscaped walkway of approximately 9,000 square feet will run along MacArthur Boulevard and remain open to the public. Seven of the 132 townhomes will be designated for purchase by very low-income households, adding an affordable component to the primarily market-rate project.

What Is Happening to the Redstone Campus

The Redstone campus currently includes a five-story office building, a three-story office building, a three-story parking garage and a surface parking lot. The three-story building at 1300 Dove Street was approximately 89% occupied, according to CoStar data cited by the Orange County Business Journal. The five-story building remains a multi-tenant office property with tenants including Premier Workspaces, which occupies approximately 23,800 square feet in space previously used by WeWork. TPG Angelo Gordon and Lincoln Property acquired the Redstone campus from EQ Office in 2018 for $161 million as part of an eight-building office portfolio acquisition. The redevelopment would convert the property from a predominantly office use into a for-sale residential community.

What The Project Says About Office-to-Residential Development

The Redstone proposal is part of a growing wave of office-to-residential redevelopment around John Wayne Airport and throughout Newport Beach. Three months before approving the Redstone plan, Newport Beach officials approved another Lincoln Property project at 1500 Quail Street. That development calls for the demolition of a seven-story, 86,000-square-foot office building and an adjacent parking lot to make way for 100 market-rate condominiums. Dove Street is also seeing several other office-to-housing proposals or approved projects. Developments at 901, 1201, 1300, 1301 and 1600 Dove Street collectively represent approximately 815 housing units.

What The Project Means for Newport Beach Housing

Newport Beach is required by the state to plan for 4,845 new housing units by 2029, including 3,436 units designated for very low-, low- and moderate-income households. City data cited by the Orange County Business Journal shows approximately 5,927 housing units currently in development across Newport Beach, putting the city on track to meet its overall state-mandated housing target. The Redstone project adds 132 additional homes to that pipeline while bringing new residential use to an existing office site. The project also illustrates how redevelopment of aging commercial properties is becoming an increasingly important way for Newport Beach to add housing in a land-constrained market, particularly near John Wayne Airport.