Harbor Associates plans big live-work complex in San Pedro
The firm intends to convert an office building it bought for $44M into a 228-unit development amid the South Bay community’s surging multifamily market
Harbor Associates plans to convert a recently-renovated office building it bought in San Pedro into a 228-unit live-work apartment complex. The intended move comes amid a surge in the multifamily market in the South Bay community.
In October, the firm paid $43.5 million for the 292,000-square-foot Topaz Building, located at 222 W. Sixth St. Urbanize first reported on Harbor’s conversion application.
Harbor’s plan for the 11-story building includes 15,000 square feet of ground-floor retail space, according to the report. A seven-story parking structure adjoins the building.
Jupiter Holdings had acquired the building in 2014 for $21.5 million, then plowed $10 million into renovations that are now completed. It is nearly 70 percent leased. The property was built three decades ago and occupied for many years by military information technology contractor Logicon, which was acquired in 1997 by defense contractor Northrop Grumman. It vacated the property in 2010.
Downtown San Pedro, which is considered the gateway to the Port of Los Angeles, has seen something of a renaissance in its downtown. That’s thanks in part to the federal Opportunity Zone program, which provides incentives for longterm developers and investors who pour money into projects in distressed areas. That list of firms has included small investors and massive players like Starwood Capital Group. [Urbanize] — Pat Maio