UPDATE | On Tuesday, the Long Beach City Council unanimously approved three development proposals involving past Redevelopment Agency parcels now owned by the city through the Long Beach Successor Agency Long Range Management Plan.
The 45,280-square-foot site that is currently a parking lot, at the northwest corner of Broadway and The Promenade, the 1,250-square-foot lot with a vacant two-story, 2,400-square-foot building located in the 100 block of East 3rd Street and the 75,376-square-foot vacant lot along the east side of Long Beach Boulevard between Home and Sunset Streets are each slated to be developed.
"These investments highlight the great interest in doing business here in Long Beach, and they also showcase our commitment to quality, sustainable development," stated Director of Economic and Property Development, Michael Conway.
PREVIOUSLY: City Council to Review Three Additional Development Proposals of Past Redevelopment Agency Parcels
On 5/16/16 at 5:20PM | Following the City of Long Beach’s recent announcement that two development proposals will be reviewed by the Long Beach City Council this Tuesday, during its May 24 meeting, the council will review an additional three new development proposals involving past Redevelopment Agency parcels now owned by the city through the Long Beach Successor Agency, Long Range Property Management Plan, according to an announcement released today.
The first proposal to be reviewed involves a 45,280-square-foot site, currently a parking lot, at the northwest corner of Broadway and The Promenade. A potential development would include apartments, work/co-work flexible space, electric vehicle charging stations and bicycle storage, with 20 parking spaces left for the benefit of the adjacent historic Insurance Exchange Lofts condominium project, according to the release.
“These residential and business developments are further evidence that Long Beach is the place to be,” stated 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 located in the 100 block of East 3rd Street, to be reviewed as a potential business incubator and co-working space that could be geared toward attracting young and creative companies, according to the release.
“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 in a statement. “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 council plans to review a potential development with 42 for-sale townhomes, each with a two-car garage, with an additional 35 guest parking spaces.
"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,” stated Councilmember Al Austin.
The release states that, if approved, these developments would “eliminate blighting influences, enhance economic development opportunities adjacent to the properties, generate new jobs, and increase property tax revenues.”