Queen Mary getting $250M boost with new entertainment complex

Los Angeles /
Mar.March 22, 2017 05:30 PM

Urban Commons, the owner of the historic Long Beach cruise ship Queen Mary, received some bad news last week when a marine survey found the ship could quickly collapse if its disrepair isn’t addressed. But the L.A. investment firm seems to be taking it in stride. 

Urban released a $250 million plan to Long Beach officials Wednesday that it says will help pay for the repairs on the rusting ship, the Los Angeles Times reported.

Plans call for a large entertainment complex adjacent to the ship, with a 2,400-foot-long boardwalk that has a new small-boat marina as well as cafes, bars and shops. There would be about 700,000 square feet of retail space, a 200-room hotel and an amphitheater for concerts.

Urban Commons also plans to bring in London-based Urban Legacies, which creates entertainment and sporting attractions. The firm would launch its first North American location at the site and bring in activities such as a trampoline park, zip-lining, surfing and simulated skydiving.

Revenue from the development would go toward the $289 million in repairs the 81-year-old ocean liner needs.

The ship currently generates income from visitor fees, festivals, Halloween attractions and its 314-room hotel. Revenue from the hotel and events totaled $15 million in 2014, according to the Times. [LAT]Subrina Hudson


Related Articles

arrow_forward_ios
Tova Capital's Zach Boren along with 205-233 East Anaheim Street in Long Beach (Getty, Tova Capital, Google Maps)
Tova Capital buys 35K sf shopping center in Long Beach for $6.2M
Tova Capital buys 35K sf shopping center in Long Beach for $6.2M
HFH's William Allen, 217 S Barranca Street, West Covina
Family office pays $38M for West Covina apartments
Family office pays $38M for West Covina apartments
Holos Communities' Cristian Ahumada, Jamboree Housing's Laura Archuleta
Long Beach loans developers $6.1M for affordable apartments
Long Beach loans developers $6.1M for affordable apartments
Compass' Scott Tamkin with Senderos Canyon
263-acre Bel-Air canyon up for auction with $39M starting bid
263-acre Bel-Air canyon up for auction with $39M starting bid
RBM's Hiro Kobayashi with 11264 La Grange Avenue
RBM buys film company HQ in Sawtelle for undisclosed price
RBM buys film company HQ in Sawtelle for undisclosed price
LA Offices vs LA Warehouses
LA County office vacancy rises to 16.5%, study finds
LA County office vacancy rises to 16.5%, study finds
25530-25765 Springbrook Avenue, Santa Clarita
Scenic Expressions leases 300K sf warehouse in Santa Clarita
Scenic Expressions leases 300K sf warehouse in Santa Clarita
A photo illustration of Cineworld's CEO Mooky “Moshe” Greidinger (Getty)
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Regal Cinemas to close 39 U.S. theaters following bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...