A developer is looking to cash out of a planned and approved 138-unit residential and retail development in Long Beach.
The Kay Mendoza Family Trust, an entity managed by investor JR Van Dijs, has put 201 West Pacific Coast Highway on the market for $26 million, according to a listing from Zillow. The development site is a four-parcel assemblage that totals 1.6 acres on the corner of Pacific Coast Highway and Pacific Avenue. The parcels were the basis of a project called 201 PCH, which has already received approvals from the City of Long Beach. It was planned as a pair of five-story buildings with 138 apartments and 66,000 square feet of ground floor commercial space overall.
The residential portion of the development was proposed as a mix of one, two and three-bedroom units with square footage ranging from 668 square feet to 1,353 square feet. The project was approved for 115,000 square feet of rentable residential space. The proposed residential units will be located between the second and fifth floors of both structures. Plans for the project call for 89 studios, 32 two-bedroom, two-bath units and eight three-bedroom, two-bath apartments.
Architectural plans for the property showed a pedestrian bridge connecting the two buildings, according to a previous report from Urbanize LA. Proposed amenities for the project include a fitness center and a business center. Four levels of parking spaces totaling 99,000 square feet is also included. A parking garage, two floors of which will be underground, will contain 258 parking spaces. Studio T-Square 2 is credited for designing the project.
The listing pitched buyers on reduced costs, particularly relating to taxes— due to the property’s Opportunity Zone designation— and the site’s permit-ready status.
”The project offers the investor/developer an opportunity to acquire a shovel-ready project that eliminates any entitlement risk,” the listing read.
Golden Mortgages and Associates’ Kelvin Ho, the broker in charge of the listing, did not respond to a request for comment.