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April 18, 2024
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Space Investment Partners Begins Redevelopment of Costa Mesa Retail/Office Property


Space Investment Partners has begun a major, multi-million-dollar redevelopment of, a 59k sf, mixed-use retail and office property located at 2651-2675 Irvine Ave in Costa Mesa. The firm acquired the property in 2019.

The new design inspiration for the center, to be called The Ranch at Newport Bay, takes into account stunning views of the nearby Upper Newport Bay Nature Preserve and Ecological Reserve, adding additional open-air seating for customers and enhancing its tenant mix. The center will be redesigned as “a modern farmhouse with a splash of beach chic.” Construction began end of May with completion expected by November 2021.

“This center benefits from a great location at the border of Costa Mesa and Newport Beach. While it has served the local community well over the years, we knew that there was more potential to increase the customer experience and enhance the tenant base,” said Ryan Gallagher, co-founder, Space Investment Partners. “Local favorite Irvine Ranch Market is going to expand as well as initiate a complete makeover inside. Additionally, we are excited to announce that cult favorite Coffee Dose will be opening late summer. Our redesign has a huge patio area for customers to meet and enjoy the new and exciting line up of tenants.”

Built in 1980, the center is anchored by specialty grocer Irvine Ranch Market who has been there for almost 40 years. With the redesign, Irvine Ranch will add 2.5k sf, increasing its space to 17.5k sf of space. The market is owned by David Wong and his partner Robin Kramer, who acquired the store back in 2000.

Coffee Dose, a wildly popular coffee shop with locations in Costa Mesa and Los Angeles, is relocating from its eastside Costa Mesa location to The Ranch at Newport Bay. Founded by the husband-and-wife team of Jeni and Oscar Castro, the coffee shop is known for its retro vibe and Instagram-worthy interiors and coffee drinks.

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