Up to 78 multimillion-dollar homes with panoramic golf course views may soon be built on the edge of Newport Beach Country Club.
After the Newport Beach Planning Commission recommended the project last month, the Newport Beach City Council will decide Oct. 13 whether Eagle Four Partners, the company that operates Newport Beach Country Club, will receive the voluntary development rights to build the new housing community.
Eagle Four has not submitted detailed housing plans or named any building partners. The agreement would not directly approve construction of the 78 homes. City staff said the company would still need to complete the entitlement and building process.
The council’s approval would give Eagle Four certainty,
However, the council’s approval would give Eagle Four certainty, plus the opportunity and option to build the homes within five years.
“What we have here is the applicant reserving 78 units … from my perspective it works,” Planning Commissioner Mark Rosene said during the Sept. 17 hearing.
According to staff reports, Eagle Four is listed as the applicant and Golf Realty Fund LP is the property owner.
The proposal comes as Newport Beach tries
The proposal comes as Newport Beach tries to meet its state-mandated Regional Housing Needs Allocation (RHNA) of 4,845 new units, which also requires building affordable housing for very-low, low- and moderate-income residents.
Eagle Four views the project as an opportunity to build homes in one of Orange County’s most expensive residential markets.
Although Eagle Four’s housing plan is modest in size, its prime location makes it significant.
Eagle Four is a well-known Newport Beach-based real
Eagle Four is a well-known Newport Beach-based real estate development company specializing in hospitality, golf, luxury lifestyle and sports entertainment investments.
Besides the Ritz-Carlton Residences in Newport Beach, its portfolio includes Pendry Newport Beach, Vea Newport Beach, Balboa Bay Resort & Club and Paséa Hotel & Spa in Huntington Beach.
The proposed development, called Fairway Three, would be built on 2.2 acres at the northeastern edge of the 128-acre Newport Beach Country Club.
On one side, it would overlook Hole 3
On one side, it would overlook Hole 3 of the private golf course. On the other, residents would be within walking distance of Fashion Island and Newport Center, Orange County’s financial hub.
The city has already marked the area, known as Site 353, as a housing opportunity site under state housing plans. A designated housing site south of the golf course also exists, but it is not included in the current Fairway Three development agreement.
One resident criticized the project for not providing affordable housing.
The project is not subject to an inclusionary housing requirement, Newport Beach Director of Community Development Jaime Murillo told the Business Journal, meaning Eagle Four would not be required to designate a portion of the 78 units as affordable housing.
Kevin Martin, a partner at Eagle Four, told
Kevin Martin, a partner at Eagle Four, told the Business Journal that the company has contributed to affordable housing on other Newport Beach projects, including making a payment to an affordable housing fund in lieu of building affordable units as part of its Ritz-Carlton Residences development.
He said he could not yet speak specifically to whether a similar arrangement would apply to Fairway Three.
If built, the homes could fetch millions of dollars, depending on their size and features
According to Reports on Housing, last month’s median
According to Reports on Housing, last month’s median home sale price in Newport Beach was $3.2 million.
Meanwhile, condominiums in the guard-gated Granville community, which also overlooks the Newport Beach Country Club and is south of the proposed development, have sold for about $2.6 million to $5 million this year, according to recent sales records.
City staff said that if Eagle Four receives five years of development rights, it would pay the city $128,205 for each home it builds.
If all 78 homes are built, the total payments could reach almost $10 million.
