With office buildings, retail properties and hotel projects in the works, the city is experiencing a rebirth of sorts.
Much of the development, though, is centered on multifamily housing, including several affordable housing projects, which developers hope will meet growing demand across the city.
L.A. Rising: Key Projects in Long Beach
Location: 810 Pine Ave.
Description: 810 Pine Ave. is a planned assisted living community with 78 units. The 10-story proposed project, located near a Metro Blue Line stop, will go to the city for approval this summer. It will have a rooftop garden and terrace and 70 parking spaces. The project is a companion building to Regency Palms, a mixed-use development.
Developer: Global Premier Development Inc.
Architect: KTGY Architecture and Planning
Estimated Completion Date: 2024
Location: 250 E. Broadway
Description: Aster will have 218 multifamily units and 7,200 square feet of ground-level retail. It will include two levels of subterranean parking, a roof deck with ocean views, a dog park, fitness center, coworking lounge and pool. The property is located across the street from a Metro Blue Line stop.
Developer: Raintree Partners
Architect: Carrier Johnson & Culture
Estimated Completion Date: Q3 2023
Location: 210 E. Ocean Blvd.
Description: The historic Breakers Building, which was built in 1926, is being converted into a 180-room, five-star hotel with more than 11,000 square feet of event space. The building is under construction with a budget of $70 million. It will have multiple restaurants.
Developer: Pacific6 Enterprises
Architect: Nadel Architects Inc.
Estimated Completion Date: Early 2023
Location: 777 E. Ocean Blvd.
Description: The Shoreline Gateway site will include 315 luxury residential units, 6,500 square feet of retail, a 25,000-square-foot plaza and the tallest rooftop pool and spa on the West Coast.
Developers: AndersonPacific, Ledcor Properties, Qualico Developments Inc. and Lantower Residential
Architects: Carrier Johnson & Culture (architect of record) and Studio One Eleven (entitlement design architect)
Estimated Completion Date: Q3 2021
Long Beach by the Numbers
Inventory: 17.2 million square feet
Under Construction: 119,000 square feet
12-Month Net Absorption: -635,000 square feet
Vacancy Rate: 13.7%
Source: CoStar Group Inc.
Inventory: 19.3 million square feet
Under Construction: 2,000 square feet
12-Month Net Absorption: -142,000 square feet
Vacancy Rate: 5.6%
Source: CoStar Group Inc.
Inventory: 59,375 units
Under Construction: 1,106 units
12-Month Net Absorption: 643 units
Vacancy Rate: 4.6%
Source: CoStar Group Inc
Inventory: 24 million square feet
Under Construction: 415,000 square feet
12-Month Net Absorption: -1,500 square feet
Vacancy Rate: 3.3%
Source: CoStar Group Inc.
In Development
American Life/Jergins Trust Long Beach
100 E. Ocean Blvd.
427 rooms
Golden Shore Hotel Long Beach
W. Ocean Blvd. and Golden Shore
400 rooms
Long Beach Civic Center Hotel
333 W. Ocean Blvd.
200 rooms
Queen Mary Island Hotel Long Beach
1126 Queen Highway
200 rooms
Pine Street Hotel Long Beach
110 Pine Ave.
189 rooms
Under construction
Long Beach Boutique Hotel
107 Long Beach Blvd.
34 rooms
Source: Atlas Hospitality Group
Waterford Property Co. is a big believer in Long Beach.
The company, which was created through the merger of Stillwater Investment Group, Waterford Group and Waterford Residential, has nearly $500 million worth of properties in the city.
After a busy start to 2021, Waterford Property shows no signs of slowing.
In April, the company, along with the California Statewide Communities Development Authority, purchased a 216-unit luxury apartment community in Long Beach known as Oceanaire for $120 million. Waterford plans to convert the property, located at 150 W. Ocean Blvd., to middle-income housing.
Earlier this year, the company purchased the 14-acre City Place Long Beach for an undisclosed sum with partners New York-based Turnbridge Equities and Beverly Hills-based Monument Square Investment Group.
Company co-founder Sean Rawson, a Long Beach resident, sat down with the Business Journal to discuss his love of the city and Waterford’s plans for the area.
Why are you interested in Long Beach?
We’ve made a concerted decision starting with our acquisition of the World Trade Center almost six years ago to invest in Long Beach. We like its coastal proximity and its location in the middle of two major employment nodes — the city of Los Angeles/West L.A. and Orange County. And (we like) its leadership at the elected level, having a pro-business mayor and pro-business City Council. We think it’s a great place to invest and do business in.
What do you look for in the properties you acquire in Long Beach?
Redevelopment sites that have the ability to transition to a higher and better use that will, in the long term, benefit the city and the community and allow us to reinvest back into the city.
What drew you to the Oceanaire acquisition?
That was part of our workforce housing program. Recently, we’ve been active in acquiring existing Class A multifamily housing in partnership with the California Statewide Communities Development Authority and converting them from multifamily housing to middle-income housing.
What are your plans for City Place Long Beach?
That was the acquisition of the largest contiguous real estate development site in downtown Long Beach. … We are going to develop (the property) into a mixed-use multifamily development. The plan is to reposition and rehabilitate about half of the existing retail, and then the other half we are going to redevelop into mixed-use multifamily. What’s so exciting about that project is it’s in the heart of downtown Long Beach … and we think it will be a catalyst for future development in downtown Long Beach.
Are you interested in doing future projects in Long Beach as well?
Yes. We will always have a presence in Long Beach — a) because of our existing presence, and b) because I live here, and we are active both professionally and civically and will always have a presence in the city.
