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A former Irvine Co. apartment complex in Newport Beach is being demolished to make room for 36 million-dollar townhomes.

Two Newport Beach-based companies, investor IHP Capital Partners and builder Intracorp, are constructing The Isle at Mariner Shores near the intersection of Irvine Avenue and 17th Street.

Land giant Irvine Co., which built the multifamily complex in 1968, sold the property three years ago.

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