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Commerical Real Estate

Developers Buy Orange County Coast Tract, Reveal Project Plans

April 21, 1998|JESUS SANCHEZ | TIMES STAFF WRITER

A pair of Orange County developers have teamed up to buy one of the largest tracts of vacant coastal property in Huntington Beach for $21 million and plan to build a residential and commercial project on the site, people familiar with the deal said Monday.

A partnership formed by St. Clair Co. and Capital Pacific Holdings, two Newport Beach-based residential developers, acquired a former Chevron oil field south of the Huntington Beach pier from Shea-Vickers Development, said real estate broker Mackey O'Donnell. The 31-acre site is in a downtown redevelopment zone next to the Waterfront Hilton.

The developers plan to build a mixed-use project called Oceanfront Plaza that would include a variety of housing units, high-end offices and space for businesses serving local residents and tourists.

St. Clair and Capital Pacific Holdings have formed a joint venture--Atlanta Huntington Beach--to buy and develop the project.

"With panoramic oceanfront views of the Pacific Ocean and nearly a quarter-mile of frontage along Pacific Coast Highway, this property provides a unique opportunity to develop a world-class project," said Steven St. Clair, St. Clair's president and chief executive.

There was no further comment from officials of either of the two companies involved in the deal.

St. Clair has been involved in developing residential projects in the Anaheim area, Yorba Linda and Oceanside, O'Donnell said.

Capital Pacific Holdings owns home builder J.M. Peters Co., which built the hillside homes involved in a recent widely publicized landslide in Laguna Niguel. Peters and the developer have been sued by condominium owners located downhill from the sliding homes.

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