LARRY KANTER Staff Reporter
After sitting vacant since its completion more than four years ago, Long Beach’s glitziest beachfront condominium highrise has a new owner and its luxury units could go on sale as early as this spring.
The Pacific a 16-story, 187-unit tower located on the beach adjacent to the Long Beach Marina was recently purchased by a partnership headed by the Pasadena-based real estate advisory firm James Ratkovich and Associates. A source close to the transaction puts the price tag at about $25 million.
That would be a bargain compared to the reported $100 million the original developers poured into The Pacific, which was completed in 1992.
The project was developed by Japanese constuction conglomerate Hazama USA and San Francisco real estate developer Haas & Haynie.
As a result of legal squabbles and diminished demand due to the recession, the complex said to be the only luxury highrise located on the beach in Southern California never had any of its units sold or rented.
Now, with new owners, final cosmetic touches are underway, and units could go on the market as soon as escrow closes this spring or summer, said Jim Ratkovich, president of James Ratkovich and Associates.
The Pacific has 31 different floor plans, ranging from 750-square-foot, one-bedroom units to a 3,800-square-foot, two-story penthouse with a 360-degree view. Asking prices will range from $150,000 to about $2 million, Ratkovich said.
“We’re getting phone calls from people from all over the world,” he said. “There is a very high degree of pent-up interest in the property.”
Units likely will be snatched up by young professionals and older couples, rather than families, Ratkovich added.
Amenities include a gym, 24-hour security, a private beach club, concierge service and a helipad.