NEWPORT BEACH — Two aging commercial properties in Lido Village will soon be transformed into contemporary waterfront residential homes and commercial space, project officials said this week.
The first property on 3388 Via Lido, a 1960s-era building that began as Newport Balboa Savings Bank, will be stripped and rebuilt as two luxurious penthouse, single-family homes and multiple office spaces, with demolition beginning this month, said project architect Robin Donaldson.
"The original building was very contemporary for it's time," Donaldson said. "It had a very fun, cool design that sort of was destroyed over the years. Now, it's going to have a whole new life."
The upper three levels of the five-story building will be divided into two, roughly 5,000 square-foot penthouses, with the uppermost penthouse being the larger.
The bottom two levels will be transformed into about 10,000 square-feet of office space and expected to house up to three tenants, said development partner Matt Montgomery of Marshall Property & Development, who is overseeing the project for Bayfront Holdings L.P.