Posted August 2026 | By Eric Engelbert
Park Palm: Shea Homes Takes the Final Parcel of Phase I at Uptown Newport Village
In July 2026, Shopoff Realty Investments sold its last remaining Phase I parcel at Uptown Newport Village to Shea Homes. The 1.06-acre parcel, called Park Palm, is entitled for 23 townhomes on Uptown Newport Drive in Newport Beach's airport area. Shea plans to break ground in 2027 and deliver homes in 2028 or 2029.
The sale closes out a 16-year development effort that Shopoff began in December 2010 when it paid $23.5 million for a 25-acre site that previously held a semiconductor manufacturing plant off Jamboree Road. Where chip fabrication equipment once operated, there is now a 458-unit apartment community, a boutique condominium complex, a one-acre park, and soon 23 townhomes by one of California's most established homebuilders. Phase II, which would add roughly 690 more residential units, is still ahead.
What Uptown Newport Village Looks Like Today
Uptown Newport Village is a master-planned residential neighborhood tucked into the airport area of Newport Beach, bordered by Jamboree Road, MacArthur Boulevard, and Birch Street. It is not the Newport Beach of Balboa Island or Corona del Mar. It is a quieter, more urban-format enclave built on land that the broader city had written off as industrial for decades. The result is a neighborhood that feels distinct from the rest of Newport Beach -- denser, newer, and priced at a different entry point than the waterfront markets that define the city's reputation.
One Uptown Newport — 458 Luxury Apartments (Completed December 2019)
The anchor of Phase I, built by Shopoff and The Picerne Group as a joint venture. Located at 4201 Jamboree Road, the community offers resort-style amenities and has been one of the airport area's most prominent luxury apartment addresses since opening. Picerne manages and operates the property.
Uptown Newport Park — One-Acre Village Green (Completed 2019)
A shaded, landscaped park built by Shopoff as part of the master plan's open space commitment. The park anchors the pedestrian core of the village and serves as the namesake amenity for Parkhouse Residences, which sits directly adjacent to it.
Parkhouse Residences — 30 Luxury Condominiums (Completed October 2024)
Five low-rise buildings with six units each, addressed at 4251 to 4291 Uptown Newport Drive. Shopoff developed and continues to manage the community. Units range from 2,052 to 2,861 square feet with direct elevator entry, private garages, and penthouse options. Sales launched in September 2021. As of early 2026, a small number of units remain available.
Park Palm — 23 Townhomes (Shea Homes, Breaking Ground 2027)
The final Phase I parcel, sold to Shea Homes in July 2026. Entitled for 23 townhomes on Uptown Newport Drive. Construction expected to begin in 2027 with delivery in 2028 or 2029. Pricing and floor plans have not yet been announced by Shea.
Park Palm and Uptown Newport Village at a Glance
| Master Plan Address | 4311 Jamboree Road, Newport Beach, CA 92660 |
|---|---|
| Master Plan Size | 25 acres |
| Master Developer | Shopoff Realty Investments (Irvine, CA) |
| Site Acquired | December 2010 for $23.5 million |
| Previous Use | Semiconductor manufacturing facility |
| Master Plan Entitlement | 2013, unanimous Planning Commission and City Council approval |
| Total Master Plan Units | 1,244 residential units (all phases) |
| Park Palm Parcel Size | 1.06 acres |
| Park Palm Units | 23 townhomes |
| Park Palm Builder | Shea Homes |
| Park Palm Sale | July 2026, undisclosed price |
| Park Palm Groundbreaking | Anticipated 2027 |
| Park Palm Delivery | Anticipated 2028 to 2029 |
| Phase I Status | Complete with Park Palm sale |
| Phase II | Approximately 690 units (apartments and condominiums) + 4,500 SF retail + second park; not yet under construction |
How Shopoff Turned a Semiconductor Plant into a Newport Beach Neighborhood
When Shopoff acquired the 25-acre site in December 2010, it was purchasing industrial land in a part of Newport Beach that the real estate market had not yet decided what to do with. The airport area was largely defined by commercial office parks and light industrial uses -- the kind of land that produced steady rent checks but did not inspire residential development.
The site itself had a history of heavy use. A semiconductor manufacturing facility had operated on the property, the kind of industrial plant that leaves behind specific remediation and repurposing considerations when it closes. Shopoff's thesis was that the site's location -- close to John Wayne Airport, Fashion Island, and the freeway network, and within Newport Beach's prestigious zip code -- was fundamentally undervalued as industrial land. The residential opportunity was there; it just required a long entitlement process to unlock it.
Shopoff spent three years working through that process. In 2013, the firm secured unanimous approvals from both the Newport Beach Planning Commission and City Council for a master plan covering 1,244 residential units, 11,500 square feet of commercial space, and two one-acre parks. Unanimous approval at both levels, in Newport Beach, for a project of this density is notable. It reflects both the quality of the planning work Shopoff put into the application and the city's recognition that the airport area was the appropriate place to absorb new residential density.
From there, Shopoff built in deliberate phases. The apartment community with Picerne came first, establishing the neighborhood's identity and creating a permanent rental population that supported the pedestrian infrastructure and commercial viability of the master plan. Parkhouse followed as the for-sale luxury condo product, priced at and above the Parkhouse Residences brand. Park Palm, the townhome parcel, rounds out Phase I with a more accessible for-sale product type in a market where detached and attached for-sale units are genuinely scarce.
The decision to sell Park Palm to Shea Homes rather than build it internally is consistent with Shopoff's model: entitle land, build the first-phase anchor product, then monetize the remaining entitled parcels by selling to specialized homebuilders who have the sales infrastructure and brand recognition to move units efficiently. Shea Homes is one of the largest and most experienced for-sale homebuilders in California and a proven operator in the coastal Orange County market.
What Shea Homes Is Getting and Why Park Palm Is a Low-Risk Build
Shea Homes is acquiring an entitled, shovel-ready parcel in one of Newport Beach's emerging residential neighborhoods. The entitlement is complete -- the 2013 master plan approval covers Park Palm's 23 units, and no new discretionary approval is required. Shea can move directly to building permit applications once it finalizes its product design.
The parcel's position within the Uptown Newport Village master plan also reduces typical new-construction risk. The surrounding infrastructure is built. The park exists. The apartment community and the Parkhouse condominiums have established the neighborhood's identity and the price expectations buyers bring to the area. Shea is not pioneering a new location; it is delivering a for-sale product into a residential environment that Shopoff spent a decade building.
Shea has not announced pricing or floor plans for Park Palm. For context on where townhome pricing in the Newport Beach airport area and surrounding neighborhoods lands, comparable for-sale product in the Uptown Newport corridor and adjacent Irvine Business Complex neighborhoods has traded in the $1.5 million to $2.5 million range in recent years, depending on size, finishes, and views. Park Palm's townhomes, within a fully amenitized master-planned neighborhood and walking distance to the park, will likely target buyers at the higher end of that range. These are not starter homes. They are for buyers who want Newport Beach's address and the airport area's accessibility without the premium of a waterfront or blufftop location.
Shea Homes is no stranger to this part of Orange County. The builder delivered Teresina, a sold-out 85-home luxury community in Lake Forest's Serrano Highlands, among many other Southern California projects. Its operational familiarity with the coastal OC for-sale market and its ability to execute on infill parcels makes Park Palm a natural fit.
Phase II: 690 More Units Still to Come on the Same Site
The completion of Phase I does not mean Uptown Newport Village is finished. Shopoff's master plan entitles the full 25 acres for 1,244 residential units. Phase I delivered 458 apartments, 30 condominiums, and will add 23 townhomes -- a total of 511 units. That leaves the master plan roughly 730 units short of its full entitled capacity, with Phase II planning for approximately 690 of those.
Phase II is described by Shopoff as a combination of apartments and condominiums totaling roughly 690 residential units, approximately 4,500 square feet of retail, and a second one-acre community park. The timeline and development structure for Phase II have not been publicly announced. Shopoff may build it directly, joint-venture it, or sell entitled parcels to other developers, as it did with Park Palm.
The addition of 690 more units to a site that already has 511 will meaningfully deepen the Uptown Newport neighborhood. The second park and the retail component suggest a more complete village environment in Phase II than the apartment-heavy first phase created. Whether Shopoff pursues Phase II directly or monetizes it through parcel sales, the entitlements are in place and the hard work of establishing the neighborhood has been done.
The Uptown Newport Village story is also one piece of a larger transformation happening along the Jamboree Road corridor in Newport Beach's airport area. Nearby, Intracorp Homes is under construction at 1401 Quail Street with 67 for-sale condominiums, approved after the city overrode the Airport Land Use Commission's noise objections. The airport area is adding residential inventory at a pace the neighborhood has not seen before, and it is still in the early stages of its transformation.
Interested in Newport Beach's Airport Area or Uptown Newport?
Uptown Newport Village offers a Newport Beach address at a price point below the waterfront markets, with new construction, walkable amenities, and easy freeway and airport access. Park Palm townhomes will be among the most closely watched new for-sale launches in this corridor when Shea opens sales. If you want to be informed when pricing and floor plans are released, or if you want to see what is available now in Parkhouse Residences or the broader Newport Beach market, reach out. I track this neighborhood and can walk you through what is available, what has sold, and whether the numbers make sense for your situation.
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