THE OPPORTUNITY

Magnolia Coast, formally “Magnolia Tank Farm,” was acquired in August 2016, and consists of approximately 28.9 acres of land in the City of Huntington Beach, California. The site is located north of Pacific Coast Highway on Magnolia Street with close oceanfront proximity and convenient access to Huntington State Beach and sits behind the Huntington Beach Conservancy Marsh Lands with unobstructed views of the Pacific Ocean.

HOW SHOPOFF IS ADDING VALUE

Since acquisition, the property’s existing oil storage tanks were removed, the property was leased to AES as a construction staging area as the company renovated the adjacent power plant. During this time, Shopoff worked on the project entitlements and received unanimous approval from the Huntington Beach City Council in October 2024. Shopoff secured the final sign off from California Coastal Commission in December 2024. Shopoff received a $60.9 million senior mortgage for refinancing existing debt and providing additional funds for the future development activity in February 2025 from Lionheart Real Estate Credit Strategies II.

The entitlement process is well underway for approximately approximately 200+ for-sale single-family detached and attached homes, a 50-unit affordable multifamily community, and a 215-key boutique hotel with 19,000 square feet of retail and four acres of park. The site will be raised approximately 7 feet to mitigate seal level rise.

Construction of Magnolia Coast is anticipated to begin fourth quarter 2025 with an upcoming neighborhood in southwest Huntington Beach, offering a high-quality variety of hospitality and a unique neighborhood featuring a diverse housing mix, including an affordable housing component. A key feature of the project includes a minimum 50% of affordable residential units will be available on first right of refusal to hotel employees or other hotels located in the coastal zone.

Learn more at visitmagnoliacoast.com.