News Remembering When By CREG - Sep 7, 2011 0 1996 FacebookTwitterPinterestWhatsApp Historical Photos of Newport Neighborhoods Recall Another Time Down on the ’30s Peninsula, the area that’s now the Fun Zone drew throngs of beach-going visitors, with not a party ordinance in sight. A nice house at 928 E. Balboa Blvd. about 1940. Balboa Island, Peninsula Point and Corona del Mar in an early aerial photo. Balboa Island was created by dredging about 1910 and developer William Collins originally advertised the lots for about $350, but sold them for a little as $25. After World War II, Newport Beach really began to take off as a center for boating, recreation and community living.