The New Home Co. Southern California LLC plans to build 79 condominiums in Newport Center, on the site of the current Marriott tennis courts along Santa Barbara Drive. It bought the property from homebuilder Lennar, which in 2006 won approval for the development called the Santa Barbara Condominiums.
To fulfill its affordable-housing requirement, Lennar agreed to buy a 12-unit apartment complex near Westcliff Drive and lease the units to low-income residents, but the New Home Co. was unable to buy the complex, according to the staff report.
Instead, the company will pay the city about $1.6 million into an affordable-housing fund, and make another payment of $5 million, which can be used at the city's discretion.
