Semiconductor company sells 25 acres in Newport

The area near John Wayne Airport is one step closer to having more than 1,500 more condominiums, apartments or townhomes, after a major landowner this week agreed to sell its property to a developer. Conexant Systems Inc., a semiconductor company headquartered near the property, plans to sell 25 acres that once housed its manufacturing plant, for $23.5 million, according to the company. Near the intersection of Jamboree and MacArthur boulevards, the land has two large industrial buildings that would need to be demolished before any new development could happen. In September, the Newport Beach City Council approved plans for 1,504 residences, parks and some retail stores on 90 acres that includes this property. Conexant, according to a news release, retains an equity investment in the project of up to $2.2 million. The developer Uptown Newport LP is a joint venture between the Shopoff Group, an Irvine-based real estate investment firm, and a New York-based firm.

Mike Reicher