The City of Long Beach has approved plans for 138 units plus 24,911 sq. ft. of retail space. There are no low- or moderate-income housing requirements for this development project that is located in an Opportunity Zone. Therefore, this project is perfect for the market rate developer, the low-income developer or a developer seeking tax benefits from developing in an Opportunity Zone.
Wrigley Gateway consists of two lots; one on the northwest corner of Pacific Coast Hwy., (west-east) and Pacific Ave., (north-south) and one on the northeast corner of PCH and Cedar Ave. There is an alley between the two lots. The plans include two-five story apartment buildings with a bridge over the alley to connect the upper levels as well as a subterranean parking garage below both lots. It is located in the greater downtown Long Beach area, about two miles north of the Pacific Ocean and a half-mile east of the Long Beach (710) Freeway. Land uses along Pacific Coast Hwy are a mixture of retail, office and multi-family. If you are looking for a shovel ready development site, look no further!
The seller is offering the development opportunity unpriced. Included in this Offering Memorandum is a detailed proforma, which shows a stabilized NOI of $2,702,832. The site consists of approximately 69,050 sq. ft. This mixed-use development opportunity is being sold with entitlements and a full set of architectural plans. The plans and renderings are included in this Offering Memorandum (“OM”).
The two-five story buildings will have 2 levels of subterranean parking, 24,911 sq. ft. of ground floor retail space and 138 market rate apartments on the second through fifth floors and includes a 1,450 sq. ft. gym on the second floor. There is ample on-site parking for guests, tenants and shoppers. The retail space is designed for a 22,975 sq. ft. market with excellent ingress/egress for deliveries a café, and a business center.
The 138 units will consist of a mix of 9 studios averaging 668 sq. ft., 89 one bedroom/one bathroom units averaging 694 sq. ft., 32 two bedroom/two bathroom units ranging from 1,105 sq. ft. to 1,353 sq. ft., and 8 three bedroom/two bath units ranging from 1,023 sq. ft. to 1,296 sq. ft.! All of the floor plans are included in this OM. Many of the units have balconies. The property will feature a beautiful sparkling pool and an open, spacious courtyard.
The City of Long Beach supports this new mixed-use development and is developer friendly. With over $3B of new development projects happening in Long Beach right now, the city needs more housing. This development project is ready for you to build! We are available to answer any questions you may have and we are waiting to give you a tour!
