AltaSea has secured $12 million in funding from the state and the Port of Los Angeles for its “Center of Innovation at AltaSea” complex.
The State of California and the Port of L.A. split the initial round of funding for the development, which covers 35 acres at the San Pedro facility, according to Urbanize. The port’s share is the first portion of its $40 million commitment to AltaSea.
The project is marketed as the “West Coast’s largest blue economy ocean research and development center.” The complex will host educational and research programs, including collaborations between private companies and local high schools and colleges.
It’s planned with three main focuses — aquaculture, renewable ocean-based energy technology, and underwater robotics and exploration technology.
The state and port money is slated to fund the renovation of Berth 58, an initial 60,000-square-foot complex part of the planned 180,000-square-foot Center of Innovation at AltaSea.
AltaSea plans to break start the renovation by mid-2022 and complete the Berth 58 project in the first half of 2023. AltaSea has secured a $3 million federal grant in 2017.
A handful of tenants have signed leases at the complex. They include Montauk Technologies, Pacific Mariculture, the University of Southern California, and the Southern California Marine Institute, which is a consortium of 23 schools.
Robert Ballard’s Ocean Exploration Trust is also a tenant, and plans to build a 10,000-square-foot research and education center at the complex.
Meanwhile, the San Pedro Fish Market is planning to relocate within the Port of L.A. to a larger, 200,000-square-foot location.
Nearby, Ratkovich Company and San Pedro-based Jerico Development are working on their West Harbor project. They announced seven tenants for the 300,000-square-foot development this summer, including Mike Hess Brewing and Yamashiro.
[Urbanize] — Dennis Lynch