Located in the heart of the South Bay Beach communities, Hermosa Beach is bordered by Manhattan Beach to the North and Redondo Beach to the Southeast. Hermosa Beach is a world class beach destination with high residential demand. The local culture is vibrant, family oriented and offers many beach activities, with bike paths that connect to other South Bay Destinations, local music venues, farmer markets and the popular Hermosa Pier known for its shopping, dining and annual street fairs. Hermosa Beach offers a laid-back and casual lifestyle and is destination spot for many tourists. The Hermosa Pier has amazing views and is an ideal area for local surfers. The Stand, which is a paved beach front sidewalk, offers a place for bicyclists and runners. On Pier Avenue, there are elegant boutique shops conveniently located.
This project will be managed by Beach City Capital Management LLC and offers a risk adjusted return with a 30 month time frame. The project offers a three tiered investment and is fully funded.
935 and 937 15th Street in Hermosa Beach were both hand picked for development. The location, ocean view and assemblage are preferred. The project has been designed into two side-by-side lots with two contemporary homes and two plantation style homes. All homes will include private garages, yards and ocean view roof decks. An experienced team of Architects, Engineers and Builders that specialize in South Bay construction have been engaged.
This project is financed by Pacific Premier Bank with a 73% LTC at a 6% interest rate. Pacific Premier Bank is local to the South Bay Community.
The project is fully funded.
Projected Sale Matrix
Current 1/4 mile comps are in the $860 psf range with or without ocean views. New 2,800 sf townhomes have recently sold for North of $2.5M. The business plan is to follow current price points within 1/4 of a mile. We will be $790 psf as a base.
Entitlement & Permits
This project took approximately 12 months to permit and will take 18 months to build: totaling about 30 months. This is a 3 step process: (1) 4 months to Design, (2) 4 months to Complete Design Review with City Planning, (3) followed by Building Permit process with a timeline of 4 months. The entire process, including design, took about 12 months.
Entitlement & Construction
This project received Planning and City Council Approval in December, 2016. The Building Permit was received in October, 2017 and Groundbreaking took place in October, 2017. The construction is on schedule for substantial completion in February, 2019.