Long Beach

Marina Shores Retail Center will sell for $ 67.9 million and will be redeveloped in an apartment complex – Long Beach, California

Long Beach, California 2021-12-02 15:32:30 –

On Tuesday, November 23, 2021, a man will take his dog to Petco at the Marina Shores Retail Center. Photo: Brandon Richardson.

The Marina Shores Retail Center in South East Long Beach was sold to Vancouver-based developer Onni Group for $ 67.9 million. The group is planning to redevelop the site in an apartment complex.

The 6.17 acre site is currently occupied by several companies such as Petco, Mimi’s Cafe, Chronic Taco, Orangetheory Fitness and Five Guys. The site also includes a large vacant storefront previously occupied by Whole Foods before moving to the large space of the new 2ND & PCH retail center.

Newmark’s Kevin Shannon, Bill Bauman, Ken White, Chris Benton and Anthony Muhlstein represented Onni and the seller’s Regency Center.

“Marina Shores has received a lot of attention with more than 15 offers,” Benton said in a statement. “This demand was driven by new concrete plans for properties to help develop apartments, highly comfortable microlocations, and … high rent growth in submarkets.”

Onni did not immediately respond to multiple requests for comment on future project details and when current tenants are leaving the shopping center for demolition.

Originally a plan specific to the southeastern region of Long Beach Approved by the city council In September 2017, after two years of outreach and planning efforts. The plan outlines development guidelines for the region, including land use designations and building heights.

The Marina Shores Shopping Center (PetCo, Chronic Tacos, Five Guys, formerly Whole Foods, before moving the street to 2ND & PCH) has been identified by city officials as a potential candidate for future multipurpose redevelopment. Tuesday, November 23, 2021. Photo by Brandon Richardson.

SEASP plan amid housing shortages across the state Identify multiple parcelsAs a candidate site for future housing or multipurpose development of up to 2,500 units, including Marina Shores. Other parcels include what is currently 2ND & PCH and the vast Marketplace Retail Center.

Located in the coastal zone, SEASP required approval from the California Coastal Commission. It was approved in September of this year after making some changes.

NS Outline of the plan, Future development can be up to 5 stories.

Onni is not new to the long beach market and its large Broadway block is currently under development. Located on the northeastern corner of downtown Broadway and Long Beach Boulevard, the project includes a 23-story tower and a total of 432 units of 7-story mid-rise buildings.

“Developers are excited to work with cities that are aware of the huge housing shortage and want to make a positive contribution,” says Mirstein. “Size, demand, waterfront location, as well as easy-to-walk first-class amenities make this a unique development opportunity.”

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