Koll in Venture to Develop Coastal Property : Real estate: Entity formed with Akins is likely to be master builder for wetlands project.

Newport Beach real estate developer Donald M. Koll said Tuesday that he has forged a partnership with an old-line Southern California home builder that is expected to develop several hundred acres of coastal property in Huntington Beach.

The joint venture is likely to be the master developer for 3,300 homes on Koll’s property in the Bolsa Chica wetlands. The controversial project is part of a 1,600-acre wetlands along the coast in Huntington Beach that is the largest unprotected stretch of marshland south of San Francisco.

Koll has entered into a joint venture with Akins Cos. in Irvine. The new entity, called Koll/Akins, will also develop a 580-lot project in Escondido in San Diego County and will consider projects in Mexico and Asia, said Koll, chairman both of Koll and Koll/Akins.

The Bolsa Chica project cleared a major local hurdle last week when the county approved it and earmarked 1,100 acres as protected wetlands, leaving Koll with 380 acres to develop. If federal and state agencies give a green light to the housing project, building could begin in late 1996.

The Bolsa Chica development has been controversial because the area is a major resting place for migratory birds and attracts thousands of nature lovers who stroll the grounds to watch them.

Donald Koll and brothers Bruce and Carl Akins, long business peers, have spoken often about pooling their talents, said Bruce K. Akins, who will serve as president of Koll/Akins.

Both companies have survived severe real estate downturns in their industry by forming partnerships with large institutions that have access to capital.

“It’s a very interesting marriage,� said Ken Agid, a real estate consultant in Irvine.

“These two have never done business before, but Akins understands master-planned communities, and they bring a new level of expertise to Koll,� he said.

The real estate firm Koll founded in 1962--now simply called Koll--has mushroomed into a group of interconnecting real estate companies in Newport Beach that build skyscrapers, manage landmark buildings and build commercial real estate projects abroad.

The privately held company used its publicly traded subsidiary, Koll Real Estate Group, to form the joint venture with Akins Cos.

The move is the second major push into residential real estate for Donald Koll in the last six months. Koll’s firm acquired prominent Orange County home builder Kathryn Thompson Co. for about $7.5 million in October.

“We are in the real estate services business, and we have to service our clients’ business needs, including residential real estate,� Koll said.

Akins, one of Southern California’s larger home builders, sold 640 homes last year. Houses in Mission Viejo and Tustin number among the more than 9,000 it has built in the Southland.

It is building more than 100 homes in its Ridgemoor planned community in Rowland Heights in the San Gabriel Valley.

The 49-year-old company, started by Ed Akins and run by his sons, survived the real estate recession by finding joint-venture partners and hiring itself out for a flat fee to build housing tracts for other developers.

The privately held company had revenue of $95.4 million last year.