FOR IMMEDIATE RELEASEPress Release # CM: 051616
Long Beach City Council to Review Additional Development Proposals
At the May 24 City Council meeting, the City Council has the opportunity to review three exciting development proposals in Long Beach. The proposals involve past Redevelopment Agency parcels now owned by the City through the Long Beach Successor Agency Long Range Property Management Plan.
The first proposal involves a 45,280-square-foot site at the northwest corner of Broadway and The Promenade, which is currently a parking lot. The City Council will review a potential development that would include apartments, work/co-work flexible space, electric vehicle charging stations and bicycle storage. Twenty parking spaces would continue to be provided for the benefit of the adjacent historic Insurance Exchange Lofts condominium project.
“These residential and business developments are further evidence that Long Beach is the place to be,” said Mayor Robert Garcia. “There is obvious demand for property in the City and these developments offer exciting opportunities to emerging companies and new residents.”
The second proposal involves a 1,250-square-foot lot with a vacant two-story, 2,400-square-foot building in the 100 block of East 3rd Street. The City Council will review a potential frontline business incubator and co-working space that could be designed to attract emerging small and creative companies.
“This redevelopment proposal provides needed and affordable office space for start-ups and emerging companies that are in their critical, early life-cycle stage of evolution,” said Vice Mayor Suja Lowenthal. “It offers a great opportunity to the business community and will help to foster their financial growth in a vibrant urban setting.”
The third proposal involves a 75,376-square-foot vacant lot along the east side of Long Beach Boulevard between Home and Sunset Streets. The City Council will review a potential development with 42 for-sale townhomes, each with a two-car garage, and there would be an additional 35 guest parking spaces.
"This is welcome news! I'm pleased to see that there is interest from developers to purchase this former RDA property and build quality new housing at a site that has been vacant for years,” said Councilmember Al Austin.
These proposals enable future investment and development opportunities that help to bolster the local economy. If approved, these developments will eliminate blighting influences, enhance economic development opportunities adjacent to the properties, generate new jobs, and increase property tax revenues.