Orange County Museum of Art in Talks to Sell Its Land
At least it’s not artwork that they’re putting up for sale.
The Orange County Museum of Art (OCMA) is in talks with a unit of New York based developer Related Companies to sell its Newport Center property, according to the Orange County Business Journal. The museum has entered into a three-month exclusive negotiation period with Related California for development of the institution’s site along San Clemente Drive in New port Beach, though a sales price has not been disclosed. However, the report says other land eyed for development around Fashion Island has gone for as much as $10 million per acre.
The museum is currently raising money to build a new home on land it owns next to the Segerstrom Center for the Arts in Costa Mesa. Related California has not disclosed its plans for the site. The company has developed more than 8,000 multifamily and mixed use residential properties in California.
The OCMA opened in 1962 as the Balboa Pavilion Gallery. By 1968 it became known as the Newport Harbor Art Museum and in 1972, moved to a larger location nearby. In 1977, the museum opened its doors in the current location on San Clemente Drive. After a 1997 remodeling, the institution was renamed the Orange County Museum of Art. Today the museum’s collection comprises nearly 2,500 objects of modern and contemporary art, with a concentration on the art of California from the early 20th century to works by local, national, and international artists working today.
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