Mixed-use projects in the hottest areas of Orange County are on the rise. After making a $33.3 million deal, WGE Capital Group plans a 700,000 square foot Banc Hotel project for a 6.2-acre site on a vacant parcel in Irvine, just a mile away from John Wayne Airport.
The mixed-use project will be located between the Boardwalk office development at 2722 Michelson, the creative office for Palmer Luckey’s Anduril Industries, and digital marketing and tech firm Viant.
With this land buy, Banc Hotel strives to be one of the region’s most unique developments. Real estate investment firm WGE Capital (formerly HJ Capital), which has a strong emphasis on mixed-use hospitality projects, obtained city approvals for the plans earlier this year. The Banc Hotel will potentially be the city of Irvine’s first five-star hotel.
The new hotel will feature 258 guest rooms, as well as 144,000 square feet of office space, an 11,000 square-foot medical office building, a 33,000 square foot fitness facility, a 20,000 square-foot spa, and a separate parking structure.
Also planned for the Banc Hotel project: a 10,000-square-foot food hall called PiggyBanc and a 45,000-square-foot entertainment venue named the Banc Beach Club with access to a private jet at JWA.
The deal was closed with $30.5 million in financing from Madison Realty Capital and The Bluestone Group. Estimated to be a $330 million project, construction financing has not been announced yet.
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