UPDATED JAN. 2 at 4:00 p.m.:
Related California wants to demolish a movieplex near Newport Beach’s Fashion Island to build two condominium highrises.
The Irvine unit of New York-based Related Companies has filed plans to build the 140-unit towers at 210 and 300 Newport Center Drive in Newport Center, the Orange County Business Journal reported.
The Regal Edwards Big Newport cinemas would be bulldozed.
Plans call for 18- and 21-story highrises with 140 market rate, luxury condominiums on sites owned by Regal Cinemas.
The 538,100-square-foot residential development would be joined by a 138,100-square-foot parking garage for 280 cars.
The project joins other redevelopment projects at Newport Center.
They include plans by the Irvine Company to build 200 apartments at Villas of Fashion Island and 600 apartments at 110 Newport Center Drive, also known as Block 100.
Santa Ana-based Nexus Companies also debuted Vivante Newport Center, a 99-unit assisted living senior complex, which replaced the former Orange County Museum of Art. It includes a movie theater, golf simulator, bowling alley and spa.
Newport Center is among five areas of Newport Beach to be rezoned to meet the city’s state-mandated housing goal of 4,845 new homes by 2029, including 2,386 affordable for very low- and low-income households. They include 2,439 homes planned for Newport Center.
In October, Related California was approved to build an urban retail village north of South Coast Plaza, in Santa Ana.
The $3 billion project would replace the 460,000-square-foot Metro Town Square at 3694 South Plaza Drive with 3,750 apartments, 200 senior housing units, 350,000 square feet of shops and restaurants, a 250-room hotel and 13 acres of parks, plazas and paseos.
Related California, run by CEO William Witte, has developed more than 20,700 homes, with more than 4,600 affordable and 7,200 market-rate units in the pipeline, according to its website.
Correction: Previous story incorrectly identified the owner of the land underneath the development.
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