Shopoff Realty Investments Wins Unanimous Buena Park Approval to Redevelop Amway Corporation Site Into 281-Unit Residential Community
BUENA PARK, Calif. — Shopoff Realty Investments has secured unanimous approval from the Buena Park City Council to redevelop a 13.76-acre industrial site currently occupied by Amway Corporation into a 281-unit residential community, the Irvine-based firm announced July 29, 2026.
The project, located at 5600 Beach Boulevard, will transform two industrial buildings totaling approximately 370,031 square feet into a mixed residential development featuring 231 for-sale townhomes and duplex units and 50 for-rent senior affordable housing units. The City Council approval follows unanimous sign-offs from Buena Park's Planning Commission and Airport Commission in May 2026.
Project Details and Development Program
The entitled development program calls for three-story townhomes and duplex units offered across four floor plans, alongside the 50 senior affordable rental units, for a combined total of 281 new homes. At 281 units across 13.76 acres, the project would achieve a residential density of approximately 20.4 units per acre. Planned amenities include a community pool, recreation area, open space, play areas, and enhanced landscaping.
The site sits adjacent to the Metrolink rail line and less than one mile from the Interstate 5 and State Route 91 freeways, providing access to regional transit and highway infrastructure.
Shopoff acquired the property in February 2025 through a joint venture with a national homebuilder and immediately began working with the City of Buena Park and nearby residents on re-entitlement for residential use. Financial terms of the acquisition were not publicly disclosed.
"5600 Beach Blvd represents an important step forward for Orange County and is intended to help address the need for attainable and diverse housing options for first-time homebuyers and for Buena Park's growing senior population," said Bill Shopoff, President and CEO of Shopoff Realty Investments. "Transforming an industrial site into a vibrant residential community aligns with the city and county's evolving needs, providing homes for people at every stage of life."
Amway Corporation Leaseback and Construction Timeline
Amway Corporation currently occupies the property under a corporate sale-leaseback arrangement and is expected to remain on-site through the end of 2026. Once Amway vacates, the unnamed national homebuilder is anticipated to take control of the project and begin construction.
"The current timeline has Amway occupying the property until the end of the year, at which time the national homebuilder will take control of the project and is anticipated to begin construction," Shopoff said. "We are looking forward to seeing all the families, working professionals, and seniors find their homes and community at 5600 Beach Blvd for many future generations to come."
Home deliveries are expected in 2029–2030, according to the firm. Development timelines are subject to change and dependent on multiple external factors, Shopoff noted in its disclosures.
Industrial-to-Residential Conversion in Orange County
The 5600 Beach Boulevard project reflects a broader pattern of corporate facilities being repositioned for residential use in constrained infill markets. The Amway Corporation sale-leaseback structure provided interim cash flow during the entitlement process, allowing Shopoff and its homebuilder partner to pursue approvals while the existing tenant continued operations on-site.
Orange County has faced persistent housing undersupply, particularly for entry-level ownership product and senior housing. Buena Park's approvals across three municipal bodies — the Planning Commission, Airport Commission, and City Council — reflect policy alignment around housing production at the site rather than continued industrial use.
The joint venture structure between Shopoff, which specializes in land entitlement and value-add repositioning, and the national homebuilder segments entitlement risk from construction risk: Shopoff absorbed the regulatory approval phase before the builder assumes control for vertical construction.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 34-year history of value-add and opportunistic investing across the United States. The company focuses on repositioning commercial income-producing properties, entitling land assets, and development projects. The firm has previously operated under the names Asset Recovery Fund, Eastbridge Partners, and The Shopoff Group. Shopoff's own disclosures note that performance has varied over its history, with certain offerings generating losses.
Securities are offered through Shopoff Securities, Inc., member FINRA/SIPC.
Sources: Shopoff Realty Investments press release, July 29, 2026
