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The Real Deal Los Angeles

Richman Group-led team picked to redevelop Rancho San Pedro

Plans for 21-acre site includes building 1,626 rental and ownership units
August 27, 2018 09:00AM

Richman Group founder Richard Paul Richman and Rancho San Pedro

The City of Los Angeles has selected a team to redevelop the 21-acre Rancho San Pedro public housing complex in San Pedro. 

A team comprised of the Richman Group, National CORE, and Century Housing beat out three other finalists that presented plans in May, according to Urbanize. The team, which calls itself One San Pedro Collective, has plans to build more than 1,626 rental and to-own units at the site.

The team plans to build 478 units to replace the existing Rancho San Pedro affordable complex, 558 new affordable units, 132 affordable homeownership units, 416 market rate rentals, and 42 market rate homeownership units. The city asked developers to present mixed-income developments in its 2017 request for proposals to “allow for the long-term retention of a mix of incomes” in the area.

One San Pedro Collective also proposes retail and community services. Their plans include a two-acre park, pedestrian promenade, jogging trails, and a 1.5-acre youth development center.

The project would be built in phases, starting with the 478 units to replace the existing city-owned public housing complex. Richman Group, based in Greenwich, Connecticut, is leading the team. The selection means the team and city will enter into an exclusive 90-day negotiation period, according to the Daily Breeze.

Richman is also developing a 296-unit apartment project near the Metro Gold Line’s Monrovia Station. 

The Rancho San Pedro complex was built in 1942 for Defense Department workers and converted to public housing in 1952. Last year the city determined the complex would need at least $48 million in repairs if it was not redeveloped. [Urbanize] – Dennis Lynch