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Plans in Motion for Mixed-Use Banc Hotel project in Irvine

Posted by Craig Wise on December 16, 2019
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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. 

Vision

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.

Amenities

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. 

Financing

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. 

Considering Irvine for your next investment?

As your Southern California real estate specialists, Allwest Properties, Inc. offers a full range of real estate services for commercial, industrial, and multi-family apartment properties throughout Los Angeles, Orange, San Diego, Riverside, and San Bernardino counties.

With over 25 years of industry experience, we offer a comprehensive array of solutions, including sales, leasing, tenant representation, landlord representation, investments, site selection, and consulting services. Our goal is to exceed our clients’ expectations with each and every transaction.

Contact us today by calling 949-287-3291 or emailing info@allwestproperties.com.

 

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    “Craig, I would like to thank you for your expertise in helping me along with the Mies Family Trust in selling the rental properties located in Long Beach and Costa Mesa. These transactions went very smoothly and professionally.” I would also like to thank you for assisting the Mies Family Trust in the acquisition of the 8 unit apartment building in Santa Ana. Every year this building has proven to be a winner for the Trust with some great cash flow. Since acquiring this building, we have been able to refinance and pull out some built up equity and purchase a 10 unit building in Long Beach in which you assisted. All of our transactions over the years have gone very smoothly and I look forward to working with you again in my next real estate transaction. I will also continue to recommend you to my clients.”

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