Aproposed mixed-use residential project for downtown Long Beach called Broadway Block is being talked up by the developer as well as a high-ranking municipal official well in advance of its expected appearance before the city’s Planning Commission.

“I would say for Long Beach, the Broadway Block will mark the intersection between our artistic and cultural past and our creative future,” said John Keisler, economic development director for Long Beach.

The project, at the intersection of East Broadway and Long Beach Boulevard, would combine 392 apartments with creative office space, artist galleries, restaurants, food and retail uses, in addition to a performing arts venue for Cal State Long Beach, according to the developer, Irvine-based Ratkovich Properties.

The project would also involve the adaptive reuse of a building that once housed Acres of Books, a popular used bookstore that opened in 1960 and closed in 2008 amid controversy after the city’s Redevelopment Agency acquired the business. It was saved from demolition by supporters that included famous science-fiction author Ray Bradbury, who wrote of his love for the bookstore in an essay titled “I Sing the Bookstore Eclectic.”

“It’s an older historic structure that was a beloved bookstore for many years,” said Cliff Ratkovich, president of Ratkovich. “It’s a building that has some historical significance with a historic façade. We want to repurpose it with food uses, with restaurants and a food hall.”

The city is reviewing plans for the $195 million project, which is expected to be considered for approval by the Planning Commission sometime in the first half of next year, said Kevin Lee, a spokesman for the city’s development services.

Ratkovich said his firm hopes to start construction in January 2019 for completion in mid-2021.

The project comes at a time when the city has approved a number of residential apartment buildings, a civic center is being built in a public-private partnership, and a proposed entertainment and activity center is proposed for the area around the Queen Mary ship-turned-hotel.

Ratkovich and Keisler said Broadway Block would not only help better link future city residents to downtown Los Angeles, as it’s near a Blue Line station, but also would connect Long Beach’s East Village Arts District to that city’s downtown commercial core.

Taking Reins

Ed Sachse has been named president of Kennedy Wilson Properties Ltd. at a time of drastic change for the retail marketplace.

The commercial brokerage and property management division of Kennedy Wilson, a real estate investment and services firm based in Beverly Hills, manages 20 million square feet of commercial property across the country. Traditional brick-and-mortar property owners are being challenged as some stores can’t compete with online sales, but opportunities are presenting themselves, Sachse said.

“So Amazon now buys Whole Foods and here is a digital company getting into brick and mortar and getting into the communities,” he said. “Another thing is some of the best retailers today are merging their brick-and-mortar experience with their digital experience to try to make it seamless.”

Sachse has served the company since 2010 as executive managing director of the firm’s brokerage operations, leading a national team of agents. Before joining Kennedy Wilson, he was president of Sachse Real Estate Co. in Beverly Hills for 17 years.

Creative Sale

New York-based Joss Realty Partners recently announced a $30.5 million sale of a 23,551-square-foot Class A creative office building at 1315 Lincoln Blvd. in Santa Monica.

Joss acquired the building in 2015 for $23.7 million.

The thriving tech and tourism industries in the city, coupled with convenient public transportation and high barriers to enter for development, made the property a perfect investment opportunity, said Larry Botel, founding partner of Joss.

“We paid $1,000 per square foot for it, which was a high-water mark back then, and it raised a lot of eyebrows,” Botel said. “And now we’re selling it for about $1,300 a foot, again which is a high-water mark for the market, and that’s proving out everything we thought about the property when we bought it.”

Calgary, Alberta-based Realty Advisors is the new owner.

The office building is fully leased and features units with individual patio areas and a first-floor gym. Botel said Joss improved the property with new signage, incorporated parking management and exterior cleanup over the past two years.

Staff reporter Neil Nisperos can be reached at [email protected] or (323) 556-8337.