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4/29/19
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Urban Stearns paid $3.9 mil for a 30k sf development site in San Pedro. The site is located at 111 N. Harbor Blvd, across from the oceanfront and within an opportunity zone.
The property lies within a Transit Oriented Communities Affordable Housing Incentive Program (TOC), Tier 2 zone. It was previously entitled for 65 condominium units with retail, but the tentative tract map expired in 2010. Urban Stearns has plans to entitle 120 units with retail on the site.
Laurie Lustig-Bower and Kadie Presley Wilson represented the buyer, a Los Angeles-based mixed-use and multifamily developer. They also repped the seller, Harbor Shoreline LLC.
We received a total of 18 offers for the property,” said Lustig-Bower. “The high level of interest and competitive bid process was driven largely by the great location within an opportunity zone.”
San Pedro is home to the Port of Los Angeles, a complex that occupies approximately 7,500 acres of land and water along 43 miles of waterfront. The port supports 148,000 jobs in Los
The Port of Los Angeles has been investing $1.2 bil in the San Pedro Waterfront redevelopment, stretching from the Vincent Thomas Bridge to Cabrillo Beach and covering more than 400 acres. The focal point of this major capital improvement project includes the proposed $150 mil San Pedro Public Market, just a short walk from the property.
In addition, the 478-unit Rancho San Pedro project across the street from the development site is slated to be redeveloped into a mixed-income, higher-density, multi-story complex that will include a mix of retail and community services along with open space, a two-acre park, pedestrian promenade and a 1.5-acre youth development center.
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