.A triplex approved for purchase last month by the City board at the corner of Balboa Blvd and also Coronado Road might end up being a public vehicle parking lot.The investment of the property at 301 E. Balboa Blvd. became part of the authorization calendar on the Aug. 27 meeting of the Common council, and got consentaneous approval. It was actually offered through Linda and also Bobby Hanada for $2.6 million, according to city staff.The great deal it might be actually exchanged would certainly offer the eastern edge of the Balboa Peninsula, where car parking is especially tough to find. Public locations for individuals in that area are actually usually found at the pier, one great deal on Hand Street and also limited road spaces." This vehicle parking, particularly throughout height summer season need, typically carries out not meet the vehicle parking needs of the place," Newport Coastline Real Estate Supervisor Lauren Wooding Whitlinger filled in a report.The building marketed by the Hanada family is at the very same intersection as a building owned by AT&T that Newport Beach front representatives will likewise as if to develop into a car park. The area has remained in speaks with the telecommunications company as well as is actually awaiting it to transfer or downsize therefore a part of the residential property at 311 E. Balboa can easily likewise be purchased.It's unclear coming from workers records how soon crews could break ground on a brand new parking lot. Meanwhile, authorities were actually taking into consideration utilizing the existing building as a short-lived station house while building of a new facility for the fire department was in progress.Tenants presently stay in two of the devices at the just recently sold triplex. They will definitely be entitled for relocation help "certainly not expected to go over $90,000 per unit," according to metropolitan area personnel.