A limited liability company wants to raze an office building in Newport Beach for a 76-unit apartment complex.
Locally based Junkins 12 Corporate Plaza — led by a woman named Lori Junkins — has filed plans to redevelop the two-story building at 12 Corporate Plaza Drive, in Newport Center, the Orange County Business Journal reported.
The 18,900-square-foot building, built in 1975, is home to CDM, a product branding firm founded by Mitch Junkins, Lori’s husband. Other tenants include Douglas Elliman and RealSource Group.
Lori and Mitch Junkins bought the building in 1996 for $2 million, or $106 per square foot. Last year, they sold it to a “related entity” for an undisclosed price, according to the Business Journal.
Plans call for bulldozing it to make way for an eight-story, 118,600-square-foot apartment building with four studio, 15 one-bedroom, 42 two-bedroom and 15 three-bedroom apartments atop an underground parking garage for 190 cars.
Twelve apartments would be set aside as affordable, including six for low-income households and six for moderate-income tenants.
Junkins wants to construct an 85-foot-tall building, and seeks a height waiver from local zoning rules that limit projects to 32 feet. It’s not clear if she would employ local or state density bonus incentives.
A cost and timeline for development were not disclosed.
The project, designed by Irvine-based MVE, is the latest in multifamily developments proposed in Newport Center, a hilltop commercial district founded by the Irvine Company around the Fashion Island mall.
Across from Newport Center, Dallas-based Park Newport LP has filed plans to expand its Park Newport Apartments by 366 units at 1 Park Newport at a cost of $800,000 a unit.
The Irvine Company recently filed plans to build 200 apartments at Villas of Fashion Island at 1000 San Joaquin Plaza and 600 apartments at 110 Newport Center Drive, also known as Block 100.
The firm also wants to convert part of an office campus at MacArthur Court near John Wayne Airport into 700 homes.
In December, Irvine-based Related California pitched a plan to demolish a movieplex near Fashion Island to build 140 condominiums in two towers at 210 and 300 Newport Center Drive.
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.
The upscale coastal city has a state-mandated plan to build 4,845 homes by 2029, of which 2,386 would be affordable for low- and very low-income households. Of those, half the homes are planned around Newport Center.
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