The 26-acre redevelopment will create approximately 1,167 housing units, a 175-key hotel, a 2.5-acre park, and approximately 25,000 square feet of retail and restaurant spaces
WESTMINSTER, Calif. (April 17, 2023)—Shopoff Realty Investments (“Shopoff”) today revealed its plans for repositioning 26 acres of Westminster Mall into Bolsa Pacific at Westminster, a thriving mixed-use community of multifamily homes adjacent to walkable community spaces, restaurants, retail and a nearby hotel. Shopoff’s vision to turn the aging mall, built in 1972, back into a regional destination supports the specific plan presented by the City of Westminster Planning Department in December 2022, a guide for the coordinated redevelopment of the mall. Shopoff’s plan bookends the mall with two parcels, the former Sears and current Macy’s, which were purchased in July and August 2022, respectively. Shopoff estimates being able to break ground on its portion in 2025.
“Together with the City of Westminster, we are envisioning a vibrant center where housing, hospitality, retail, and nature come together,” said William A. Shopoff, president and CEO of Shopoff Realty Investments. “This community will help to reinvigorate the local economy and bring value to the county and surrounding neighborhoods, elevating this prime piece of Orange County real estate into its highest and best use.”
Easing Orange County and the city’s demand for housing at a variety of affordability levels, the project consists of three multifamily apartment buildings with approximately 1,065 rental units, plus approximately 102 for sale townhomes. A 175 room hotel will line Bolsa Ave. and share close proximity to the project’s retail, food hall, and restaurant space.
“As a local developer, we are investing in the long-term potential of the site, including developing townhomes and apartments that will support the workforce,” continued Shopoff. “The commuter, the professional, the family—as well as tourists—will be attracted to the coastal location, convenience and amenities the site will provide.”
Designed by AO with landscape architecture by MJS, the contemporary buildings reflect the city’s diverse culture and heritage while blending with the existing retail to seamlessly transition from old to new. The design emphasizes indoor-outdoor connectivity with a welcoming food court pavilion and generous open gathering space to establish a vibrant community destination.
The top desire from city community surveys was the need for green spaces, gathering space and open seating, which Shopoff is meeting with a 2.5-acre park, open space promenades and interconnectivity to biking and walking trails. This community hub will consist of an amphitheater, outdoor dining, retail pavilions, a dog park and garden trail, with plans to connect to a nearby regional bicycle trail. A food hall will be accessible from both the park and Bolsa Ave.
With direct access from the 405 freeway, this prime real estate sits between Los Angeles and Orange County destinations, making it ideal for single professionals and families looking for convenience as well as a lively atmosphere when they come home.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets and development projects. The 31-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Disclosures
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.
*Please note that the pictures included in the article are of architectural renderings and the design is subject to change
