San Pedro-mania! Another mixed-use project planned for the nabe
Developer Adam O’Neill of Square One and Stonebridge Real Estate is behind the projects
Stonebridge Real Estate Group/Square One Homes has doubled down in San Pedro.
An entity tied to Adam O’Neill— who is president of locally based Stonebridge Real Estate Group and a principal at Square One Homes — followed a Monday filing for a large multifamily project in San Pedro with another up the street the following day: a 109-unit project at 1309-1321 S. Pacific Avenue.
The Monday filing was for a 101-unit project about a half mile south at 2111-2139 S. Pacific Avenue.
O’Neill and his firms could not be immediately reached for comment on Tuesday.
Both projects include 12 units reserved for “very low-income” renters and a request for a density bonus and height limit increase.
The latest project on S. Pacific Avenue would replace a series of low-rise commercial buildings. The developer does not appear to formally own the properties yet. Each of the lots are owned by separate entities or individuals.
Unlike the project filed Monday, the larger project is not in a federal Opportunity Zone. The federal program provides significant tax breaks to entities that finance development projects in underserved areas.
Much of San Pedro is covered under the program and developers have taken advantage. South Bay Developers LLC is planning a 99-unit OZ project on W. 5th Street in Pan Pedro.
Investment giant Starwood Capital Group has a $500 million OZ fund and in May put some of that money into developer Holland Partner Group’s 375-unit project under construction on S. Palos Verdes Street.
Many other parts of L.A. are covered under the program as well. Large parts of South L.A., as well as other South Bay areas north of San Pedro, can be developed and funded through the program.