Beach City Capital (the “Sponsor”) is pleased to present the development of a 30 unit mixed-use development with 3,000 sf of commercial space located at 100 N Catalina in Redondo Beach, CA (the “Project”).
The property is a 1.2 acre site with 34,500 SF of existing cash-flowing retail situated in the heart of Redondo Beach, CA. This community offers coastal living and an award-winning public school system within walking distance to several major planned major redevelopment projects. The greater South Bay benefits from a diverse marketplace as it is proximate to Los Angeles International Airport (LAX) with easy access to Downtown and West Los Angeles.
Catalina Village will be Redondo Beach Harbor luxury living next to the ocean, located on Catalina Avenue in between Pacific Coast Highway and the Redondo Beach Waterfront. This development is located west of Pacific Coast Highway in between two of Redondo Beach’s most storied redevelopment projects, the Waterfront (currently under entitlement review) and AES Powerplant. This superior location offers views of the ocean, palm tree lined streets, access to the Redondo Beach Pier and Harbor. Sitting as a neighbor to the planned newly developed Redondo Beach Waterfront and the AES Power Plant Redevelopment, plans include a large “central park” and high end residential and commercial development components.
Exceptional in every way, Catalina Village has the opportunity to become the only new residential development in the area that can boast a true waterfront lifestyle. With extensive walking paths, access to the marina and strand, and adequate access to beach activities, life at Catalina Village really will be one without boundaries.
Streamlined Approval Process and Mitigated Development Risk
Beach City Capital has been closely working with the City of Redondo Beach for the past year and a half to design a program that has the full support of City staff and in February 2020 Beach City Capital submitted the Projects’ entitlement set to the City’s Planning Department. The City’s staff is very supportive of the application and entitlements are expected to continue smoothly with final approval by Q2 2022. Sponsor has negotiated an extended escrow with the land Seller to close upon entitlements in Q2 2022.
We will need to conduct an Environmental Impact Report (EIR) on this project. Investors will be protected by a Guaranteed Maximum Price (GMP) construction contract for any potential construction cost increases and we will use construction bonding to ensure the Project is completed. We have also invested extensive time working with multiple GCs, sub-contractors, and the City to create accurate cost estimates and will implement Building Information Modeling (BIM) software to save additional cost and time. Given our efforts during this pre-development phase, we expect a maximum 20-month construction period.