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.
Construction is on schedule to commence April 2021. 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.
Affordable and Efficient Living with Modern Suites
As the primary business plan, Beach City Capital has contracted with Common, Los Angeles’ market leading, roommate centric property manager to brand, market, and operate the Project’s residential townhomes with flexible leasing options. The Project’s 30 residential units will feature 23 fully furnished townhomes, three 2-bedroom flats as traditional rental units, and four rental units dedicated as affordable for very low income residents. An overview of Common is provide on the following page.
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Beach City Capital will leverage industry knowledge, experience and technology to monitor, report on and manage the delivery of this project from construction to disposition. The Entitlement process will be 15 months (9 Months for Planning and 6 Months for Permits) and the Construction Process will be 15 Months. Beach City Capital expects to receive approval from the City’s peer review consultant in August 2020 and Planning Commission approval in December. We expect to receive Building Permits in March 2021 to start construction by April 2021.