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New High Rise Rising On Ocean Blvd. @ Alamitos

by Joe Segura
Special to LBREPORT.com


(Sept. 18, 2014) -- Construction of a $70 million residential complex has finally been launched at a key downtown intersection following a seven-year delay.

The current project --- originally known as the Shoreline Gateway Project --- will be 223 units in 17 stories at the northwest corner of Ocean Boulevard and Alamitos Avenue, across from the landmark International Towers and Villa Riviera.

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"Due to the prolonged downturn in the real estate market, and the pioneering nature of the project, Shoreline Gateway, LLC, was unable to comply" with 2007 schedule of performance (under the now defunct Redevelopment Agency), according to a Nov. 20, 2012 city staff report (sought/obtained Council approval to amend/restate the owner participation agreement.)

Originally, the Shoreline Gateway Project was approved as a two-phase development. Phase One (East Tower) included 221 residential units and 12,600 square feet of retail space in a 35-story mixed-use tower. Phase Two (West Tower) included a 17 story mixed-use development --- the project that is now underway.

The development site for Phases One (East Tower) and Two (West Tower) includes a total of five parcels.

Groundbreaking was in the spring, but construction was delayed because the lender's title company required a 60-day waiting period between completion of demolition and start of construction, according to Chelsey Finegan, spokesperson for the city's Development Services Department, adding that the project was delayed due to unfavorable market conditions.

Shoreline Development Partners are the owners. Anderson Pacific, LLC is the developer, according to Finegan.

The project is expected to be completed in early 2016, Finegan said, adding that upon completion, a second building (East Tower) has been proposed for a 35-story condo development.


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