S
hopoff Realty Investments has received approval from the Huntington Beach City Council to build a 29-acre project on the former Magnolia Tank Farm. The Irvine-based developer, led by Bill Shopoff, will construct 250 homes, including 50 affordable apartments, a 215-room boutique hotel, and 19,000 square feet of shops and restaurants. A 4-acre park is also planned for the site.

    The project was previously approved in 2021 but required new approval due to changes made by the California Coastal Commission. The commission stipulated that half of the apartment complex's units be set aside for hotel workers, with a quarter of the hotel rooms rented at affordable rates.

    Shopoff purchased the Magnolia Tank Farm in 2016 for $26.5 million and has since remediated the site to remove soil contamination from its former use as an oil tank farm. Environmental groups had opposed the project, citing concerns about flooding and wetland restoration.

    The development is expected to be completed by 2027, with a cost and timeline for the remaining aspects of the project not disclosed. Shopoff Realty Investments has $3 billion in assets under management and reported $477 million in property sales and financing last year.