Port Staff Relocation May Be ‘Game Changer’ For Downtown Office Market

Harbor Department Negotiates New Headquarters, Buys World Trade Center Parking Lot

by Sean Belk, Staff Writer

Negotiations are ongoing for the Port of Long Beach to relocate its near 400-member staff from its current location at the port to a new headquarters possibly somewhere in Downtown Long Beach. The move could be a “game changer” for the downtown office market, said real estate agents.

After a plan to build a new $295 million energy efficient, “green,” nine-story complex on a 17-acre site near the current headquarters was scrapped by Mayor Bob Foster last year, vetoing the line item from the budget, port executive staff floated several different proposals.

In closed session during the July 11 harbor commission meeting, Port Executive Director Dick Steinke discussed with commissioners and other negotiating parties the potential lease or purchase of space at One World Trade Center or Golden Shore property, or the possibility of space at the Union Bank Building or the City National Bank Building.

According to a staff report, the port has already approved the purchase of the 5.6-acre One World Trade Center parking lot, which has 659 parking spaces behind the building at the southeast corner of Golden Avenue and West Broadway. The $8 million sale and $200,000 deposit was negotiated by Cassidy Turley BRE Commercial.

Read more of this post

Inclusionary Zoning Bill Defeated

by George Economides, Publisher

The Apartment Association, Southern California Cities reported late Friday, June 3, that Senate Bill 184 that would have “allowed and encouraged cities and counties to set price controls on newly constructed rental and ownership housing” – also known as inclusionary zoning – was defeated. The bill need 21 votes in the senate to pass, but received only 17.

The association reported that two other bills it opposed were also defeated: Assembly Bill 934 would have “permitted cities and counties to adopt their own eviction controls, termination of tenancy laws and ordinances regulating rental contracts;” and Assembly Bill 265, which would have “permitted a non-paying tenant to pay rent three to four months late and then force the landlord to re-rent the unit to the former tenant.”

Planning Commission Approves Compliance Of Pine Square Theater Conversion Conditions

by Sean Belk, Staff Writer

A project to convert the AMC Pine Square 16 movie theater in Downtown Long Beach, which closed last year, into 69 loft-style apartments has taken a step forward after receiving approval of compliance with conditions set forth by the Long Beach Planning Commission.

During its June 2 meeting, the commission unanimously approved compliance  (6-0), while Commissioner Becky Blair recused herself due to conflict of interest, according to city staff.  The planning commission had approved the project’s site plan review and certified negative declaration in April, but had asked the applicant to return with revised plans to comply with a list of concerns.

Read more of this post

LD Products To Break Ground On Douglas Park Industrial Building

Online Ink Cartridge Retailer To Build Energy-Efficient Warehouse

by Sean Belk, Staff Writer

In an industry climate where new construction is nearly non-existent, Douglas Park – a mixed-use development on land formerly owned by Boeing near the Long Beach Airport – has become the lone bright spot in the area.

The latest deal to come through is an 110,000-square-foot build-to-suit, being developed for new owner/user LD Products, an online retailer of ink cartridge and printer supplies.  The concrete tilt-up is expected to be Leadership in Energy and Environmental Design (LEED) Platinum, the first such energy-efficient warehouse of its kind in California, according to Chuckie Lyons, owner of Paramount-based Lyons and Lyons Properties.

Read more of this post

News In Brief

by Sean Belk, Staff Writer

• EcoTerra Properties & Investments announced it has relocated from its Long Beach location to 408 Marina Dr. in Seal Beach. The grand opening was scheduled for Earth Day, April 22. The real estate company, owned by Trudy Kalush, specializes in advising clientele of environmentally friendly preferred options in home design and building.

• The California Association of Realtors announced increases in both median prices and homes sales throughout the state in March due to improvement in the overall economy and favorable market conditions. Sales of existing, single family detached homes, which closed escrow, increased 3.1 percent from the prior month and rose 1.5 percent over the prior year.

Read more of this post