Beach City Capital (the “Sponsor”) is pleased to present the development of a 24 unit ground-up co-living apartment development located at 711 Pine Ave, Long Beach, CA (the “Project”).
The existing site includes 7,720 sf of retail/office on 0.18 acres of land and is located roughly 1 mile from the beach. Situated a few blocks from the metro blue line, this apartment development will be comprised of 24 units. The project is also in a Qualified Opportunity Zone and therefore benefits from Opportunity Zone tax incentives.
Streamlined Approval Process
Beach City Capital has met with the City’s Senior Planning Department to commence the entitlement process and verify zoning. Sponsor has also hired Land Use Consultant Derek Burnham who has already advised on the City meeting and performed a preliminary land use analysis, entitlement & permitting cost estimates and pre-development schedule. Mr. Burnham was previously a Senior Planner for the City of Long Beach and is able to efficiently navigate the City’s code.
Sponsor has hired the Architect firm Withee Malcolm, who has completed initial parking structure design, building type, unit mix, and schematic design. Sponsor has also engaged Park Plus to complete fit studies on the parking structure for automated mechanical parking. The Project is on track to receive entitlement approval in Q2 2022 and be permit ready for construction commencement in Q1 2023.
Supply Constrained Market and Diversified Economy
Long Beach has a very competitive commercial and housing market. Over the last 3 months, most homes have received only one offer and have sold for about 1% below list price. The median number of days a home in Long Beach sits on the market is only 43 days. The average home price grew 4.1% since last year up to $617K. The walkability of Long Beach allows for some errands to be accomplished on foot.
In 2018, 247 total new businesses were created in Downtown Long Beach, and the unemployment rate in Long Beach is several percentage points lower than the average rate of Los Angeles County. The top industries that make up the Long Beach market are Transport/Warehousing, Science, Technology, Management, Leisure, and Healthcare.
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Beach City Capital acquired the site in November 2019 and we have gained substantial progress on our entitlements from both the Planning and Building and Safety departments. The Project is on track to receive entitlement approval in Q1 2022 and be permit ready for construction commencement in December 2022. We are currently getting pricing from our GC networks to price check to plan for construction.