Ardell properties on Mariners Mile are potentially up for sale

NOTE: This is the second part of a two-part series on Mariners Mile in Newport Beach. Part 1, which published on April 9, 2015, delved into potential redevelopment plans of the 1.3-mile stretch of Coast Highway between Dover Drive and State Route 55. Part 2 focuses on how the potential sale of several properties along Mariners Mile could facilitate the expedited redevelopment of one of the most desirable stretches of real estate in Southern California. NEWPORT BEACH — Mariners Mile, a stretch of Coast Highway in Newport Beach once predominantly dedicated to boating interests, could be on the verge of major changes. Multiple sources indicate Ardell Investments, which also has a presence in Ft. Lauderdale, Florida, appears to be on the verge of selling its property holdings on Mariners Mile. Whether the sale signifies Mariners Mile’s transition from a boating-themed destination to an area housing boutique shops, high-end automotive dealers, and trendy restaurants remains to be seen, however. Newport Beach has yet to develop firm redevelopment plans and the city’s zoning laws could restrict certain property uses. The identity of potential buyers or a sale has not yet been revealed. Reliable sources hinted escrow could be closing soon at which point...