Old Newport Beach Building To Be Transformed

A former bank office building in Newport Beach, long considered a historic treasure for its architectural style, is set to be transformed into a pair of penthouse homes with views of the waterfront.

The 60-foot-tall, 1960s-style building, which used to house the Newport Balboa Savings headquarters, will be transformed by developers Bayfront Holdings and Marshall Property and Development, according to a news release by the latter.

The two luxury penthouses will each offer more than 5,000 square feet of floor space. They will be built on top of two floors of office spaces, and will feature full-length windows that offer Newport Harbor and Catalina Island views. They will also include expansive outdoor spaces and balconies.

Developer Matt Montgomery says the building will feature new glazing and structural systems, among other modern touches. Their goal, he added, is to build a unique coastal property that embodies the potential of Lido Village as a destination for luxury homes.

Marshall and its partner companies also plan to turn another property on the same street, a former office and retail building, into a series of 17 townhouses. Both properties were allegedly sold in a $13.6 million package deal last year, down from their original listing of $15.5 million.

The first tower was built in the 1960s by Peruvian architect W.A. Sarmiento, whose work is said to have opened the door for many other modern buildings in California and throughout the U.S. after the war. It started out as a branch of Newport Balboa Savings before becoming the headquarters.

 

Earlier in Newport Beach Real Estate News:
Newport Wins Award for Best Beaches
Newport Beach Home On Private Island Hits Market for $28 Million
Irvine Co. Continues Work On Fashion Island