Photo courtesy of Anaheim Packing District.
Lab Holding, LLC, the innovative company behind The Lab Anti-Mall, the CAMP, the SoBeCa Arts District in Costa Mesa and the Anaheim Packing District has made offers on nine of the 12 properties in the Eighth District that were owned by the City of Long Beach’s former Redevelopment Agency. All 12 “for sale” properties have received offers from prospective buyers, according to an announcement from Councilmember Al Austin.
Austin said the offers will be considered by the Long Beach Successor Agency to the Redevelopment Agency at its July 21 meeting.
According to Tokotah Ashcraft of the Bixby Knolls Business Improvement Association, if approved this will be Lab Holding's first project in Los Angeles County.
"This is great news for the community and we will finally see some new, motivated property owners work to improve these properties, many of which have been vacant for several years since the state abolished Redevelopment," said Councilmember Al Austin in a statement.
Lab Holding weaves community, culture and commerce into real estate development and placemaking, making it a company Austin said he looks forward to partnering with to bring retail success to the North Village.
According to Lab Holding’s website, their "creative endeavors demand a deep rooted examination of the local personality and careful placement of hand selected quality businesses to compliment the existing environment yet excite the senses.”
Lab Holding is proposing to purchase properties at 5564 Atlantic, 5616-5618 Atlantic, 5640-5648 Atlantic, 5641-5643 Atlantic, 5645 Atlantic, 5647-5649 Atlantic, 5661 Atlantic, 5701 Atlantic and 5708-5710 Atlantic.
According to the release, if the sales are approved by the Successor Agency, which consists of all nine councilmembers, the transactions must then be approved by the Oversight Board to the Successor Agency and reviewed by the California Department of Finance before entering escrow.
The three other properties for sale include 306 East Home Street, a vacant parcel at Locust Street that is zoned for residential. The prospective buyers are Cherry South, LLC and MYK Properties, LLC for $198,500.
Also for sale are 5365 and 5371 Long Beach Boulevard, which are empty storefronts in the Virginia Village commercial corridor. The prospective buyers are Brett and Mary Walker for $225,000 for 5365 Long Beach Boulevard and $175,000 for 5371 Long Beach Boulevard.
The 5368-5372 Long Beach Boulevard property includes the commercial building and adjacent paseo in the Virginia Village commercial corridor. The prospective buyer is Robert J. Younger dba The Younger Law Firm for $280,000.
According to the release, upon completion of the sales, the escrow and closing fees, commission and administrative costs will be deducted. The County will then distribute the net proceeds to the affected taxing agencies, with the city to receive approximately a 21 percent share.