LA County seeks developer for speedy revitalization of San Pedro courthouse
Calling all developers: Los Angeles County is looking for an ambitious real estate player to transform San Pedro’s shuttered courthouse into a mixed-use social hub with retail and residential elements.
Interested bidders must turn in their project proposals by September 27, and the winner will be selected by November 1, the Daily Breeze reported.
The chosen developer would be expected to “redevelop the property as quickly as possible,” according to the county’s call for proposals.
He or she would negotiate with the county, who would maintain ownership of the property at 505 South Centre Street, for a ground lease that could last as long as 66 years. The County is looking for candidates who can thoughtfully add to the stream of nearby developments, such as the $100 million revitalization of the Ports O’ Call Village located just half a mile away.
“San Pedro is projected to undergo a significant transformation with over $1 billion slated to be invested by 2026,” the county document reads. “The courthouse site is situated in a strategic location in a neighborhood that has undergone and is anticipated to experience significant ongoing investment.”
Possibilities for the redevelopment include dining, shopping and entertainment venues, as well as condos or apartments. In addition, the County calls for the project to have open, public space and 5,000 square feet set aside for a cultural site, such as a museum. [Daily Breeze] — Cathaleen Chen