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11/15/23
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In news of a substantial redevelopment opportunity in Long Beach, Golden Shore, a prime 4.73-acre waterfront mixed-use development site in the city’s downtown, has been put on the market. The site is comprised of three parcels that are part of the Golden Shore master plan, and boasts full entitlements for multifamily, hospitality, and retail uses including Coastal Commission approval.
The sales listing is being handled by Damian McKinney and Peter Sherman with Avison Young. Jay Maddox, also with Avison Young, is heading up the debt and equity for prospective buyers. The seller, Long Beach-based law firm Keesal Young & Logan, acquired the parcels and obtained the existing entitlements over the past several decades. All development rights are protected through 2035.
All told, the Golden Shore master plan encompasses 6.2 contiguous acres and includes the Union Bank of California building, a 14-story, 157.7k sf office tower and adjacent parking garage located at 400 Oceangate. The tower/parking structure sold in July 2023 and is slated for conversion to an approximately 300-unit luxury residential project.
In its entirety, the project is entitled for up to 1,070 residential units; hospitality with up to 400 keys; up to 340k sf of office; and up to 27k sf of retail. The entitlement envelope is highly flexible, providing a range of development visions.
This high-profile project has the full support of the City of Long Beach, which is prepared to “fast track” the architectural design and building permit process. And, because it is less than one-half mile from public transit, parking requirements are waived based on newly passed California legislation.
“Golden Shore is situated on one of the most desirable waterfront locations in Southern California and offers panoramic views of the Pacific Ocean, Long Beach Harbor, and the downtown Long Beach skyline,” said McKinney. “This is an opportunity to create a legacy project and be a part of the fabric of this beloved coastal community.”
Long Beach Mayor Rex Richardson stated, “The Golden Shore redevelopment is a high priority for the City of Long Beach and coincides with its future vision of downtown. This project will help meet our city’s overall need for additional housing, create a new community, as well as add needed hotel accommodations to meet growing demand. We are looking forward to proactively partnering with the buyers to create this next chapter for downtown Long Beach.”
The three parcels are being marketed all-together or individually and include:
• 11 Golden Shore, an existing waterfront, coastal view six-story, 104.4k sf office building on 1.8 acres, that has adaptive reuse potential for multifamily. The parcel also has an existing parking structure and potential for future expansion beyond adaptive reuse of the existing building.
• 1 Golden Shore, a 2.48-acre parcel which sits behind 11 Golden Shore and provides potential for multifamily. The property currently has a two-story office building that is ready for demolition and a 178-space parking structure.
• Seaside Way which totals .45 acres and provides land and air rights.
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