$110M Mixed-Use Project Wins Entitlements

(To read more on the multifamily market, click here.)

SAN PEDRO, CA-Locally based developer Palos Verdes Street Investments LLC has lined up entitlements for an 18-story high-rise residential tower and 4,000 sf of retail space in a project called the Urban Village at Palos Verdes Street, according to the Greenberg Glusker attorneys who secured the entitlements for the developer. The project, to be developed on a 1.6-acre site at Palos Verdes and Fifth streets, will include 32 flats and townhome condominiums designed as brownstones.

Greenberg Glusker attorney Silvia Saucedo, who led the entitlement effort on behalf of the developer, calls the project a “key to the revitalization of the San Pedro waterfront.” Saucedo notes that the mixed-use development complements Los Angeles City Council member Janice Hahn’s vision of a boardwalk that spans the “bridge to breakwater” portion of the community.

The 251 residential units of the Urban Village will feature work force housing, designed to provide affordable housing for public service workers such as police, firefighters and teachers. The development will be served by both subterranean and above-grade parking accommodating 574 vehicles.

The Urban Village at Palos Verdes Street will include what will be the tallest building in Downtown San Pedro. Gary Dwight, a principal of Palos Verdes Street Investments and a local resident, comments that, “To be able to develop a project that includes a building of this height anywhere on the California waterfront is a tremendousaccomplishment.”

Saucedo notes that the project won “unanimous approval at every stage of the entitlement process,” a result that she attributes in part to the incorporation of “a tremendous amount of community input” in the process. In addition to Saucedo, the Greenberg Glusker team included land use partner Elizabeth Watson and real estate partner Henry Finkelstein.