PCS Joins CityPlace Development Team

LOS ANGELES, CA-Locally based PCS Development Inc. has joined Long Beach’s $75-million CityPlace mixed-use project, where it will head up development of the luxury multifamily component known as CityPlace Apartments.

Slated to encompass 200,000 sf, CityPlace Apartments will deliver 221 units to Downtown Long Beach. The project, which is scheduled for a March 2002 groundbreaking, will be built above ground floor specialty retail space. PCS plans to purchase air rights from Ohio-based Developers Diversified Realty Corp., CityPlace’s master developer.

The multifamily units, which will consist of 15 studios, 124 one-bedrooms and 82 two-bedrooms, are slated for completion in February 2003. They will be located in five separate, three-story buildings with amenities including a pool, fitness center, theater and business facilities. Rents will range from $1100 to $1800, according to Todd Shaw, managing director of PCS.

CityPlace Apartments is being developed by Pine Avenue Housing Partners LLC, a joint venture between PCS Properties LLC, which is an affiliate of PCS Development Inc., and Urban Pacific Builders LLC.

Aside from the apartment component, CityPlace will include a 38-room hotel, 70 loft condominium units and 450,000 sf of retail and restaurant space. Construction is already under way on the project’s retail portion, which will include an Albertson’s supermarket, Sav-On, Nordstrom Rack, Wal-Mart and Ross Dress for Less.

The CityPlace site encompasses an eight-block vicinity bounded by Pine Avenue, Elm Street, Third Street and Sixth Street. It’s scheduled for a first quarter 2003 completion and is designed by Venice-based Jerde Partnership, which also dreamed up Third Street Promenade, CityWalk and Horton Plaza.Architects Orange is designing the interior multifamily units and common areas.