Named “Queen Beach” in honor of the site’s historical use, this Project is a ground up multifamily development in the heart of downtown Long Beach along the historic Pine Avenue at 937-947 Pine Ave. Located a few blocks from the metro blue line and one mile from the Pacific Ocean, this mixed-use development will comprise 69 units with 5,000 sf of amenity space. The project is also in a Qualified Opportunity Zone and therefore benefits from Opportunity Zone tax incentives.
The Queen Beach project site is located just over a mile from the ocean. Pine Avenue offers some of the best selections of fine dining and entertainment choices in Southern California, and the project location is an easy walk to downtown Long Beach’s many attractions such as Shoreline Village, the Convention Center, the Pike Outlets, and the waterfront Aquarium of the Pacific.
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 expects to receive Planning Commission Approval by end of Q2 2022 and receive building permits in Q1 2023.
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.
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 February 2020, and we have gained substantial progress on our entitlements from both the Planning and the Building and Safety departments. The Project is on track to receive entitlement approval in Q1 2022 and be permit ready for construction commencement in Q4 2022.