New possibilities are emerging for the historically significant former Trinity Broadcasting building in Costa Mesa. Six years after it was vacated by the Christian media network Trinity Broadcasting and two years following its acquisition by Irvine-based commercial real estate firm The Khoshbin Co., the site is now being marketed as a multifamily development. However, it has also garnered significant interest from a variety of prospective buyers, including schools, businesses, museums, and churches, according to Anthony DeLorenzo of CBRE.
This 6.2-acre property, located at 3150 Bear St. near the southern edge of the San Diego (405) Freeway, boasts an astounding visibility rate, with around 90 million annual views from passing vehicles.
Although the asking price hasn't been disclosed, DeLorenzo anticipates a substantial figure due to the pronounced interest. While apartment development appears to be the most lucrative use of the land, The Khoshbin Co.'s CEO, Manny Khoshbin, revealed that he originally bought it for its land value as a long-term investment.
The property features a distinctive 65,652-square-foot building constructed in the 1990s, which housed Trinity Broadcasting until 2017. Since acquiring the site for $22 million in 2021, Khoshbin has used the building as his company’s corporate offices and a private showroom for his luxury sports car collection, while also considering potential renovations into a creative campus.
Adding to the appeal of this site is the recent enactment of Measure K, a Costa Mesa law that enhances multifamily development by overriding a previous policy, Measure Y, which required voter approval for certain development projects in the city. The passing of Measure K has already facilitated the progress of several projects, including Legacy Partners Residential’s Hive Live multifamily project.
As this landmark site awaits a new chapter, the flood of interest it has attracted points toward a bright and versatile future. Whether it evolves into multifamily housing or finds another innovative use, The Palazzo by Khoshbin continues to be a focal point of real estate transformation in Costa Mesa.
References:
Orange County Business Journal
LA TImes
Khoshbin Company