Etco Homes Inc. a development company based in Beverly Hills, is finalizing plans to build a 36,000 square-foot commercial, retail and residential mixed-use development at the site of the Newport Bay Marina, the former location of the historic World War II shipyard that was heralded for its war efforts in creating military minesweepers.
Afshin Etebar, president of Etco, said the firm is waiting for building permits and is in the final stages of approvals from the city, which could come possibly as soon as the next couple weeks.
Once given the thumbs-up, Etebar said Etco will start construction almost immediately and the project should take about two years to complete.
Such developments aren't foreign to the Balboa Peninsula, which features multiple mixed-use developments, such as McFadden Square, which accommodates residential, commercial and retail spaces.
However, Etebar said, his is a unique project.
"This is one of the most interesting projects Newport Beach has seen in a while, or might ever see, for that matter," he said. "It offers bayfront living, along with commercial and retail nearby."