High Street Residential goes vertical in San Pedro
Dallas developer to break ground on a seven-story waterfront residential complex
High Street Residential will soon break ground on a 137-unit apartment complex on San Pedro’s waterfront, not far from a mile-long harbor redevelopment
The Dallas-based developer will build the eight-story mixed-use building at 511 South Harbor Boulevard, in the port neighborhood’s Arts District, the Los Angeles Business Journal reported. Dallas-based Comerica Bank is providing unspecified construction financing.
The complex is near the 300,000-square-foot West Harbor, which just broke ground along the San Pedro Waterfront, and the Port of Los Angeles Promenade.
The project, known as Vivo on Harbor, will include 137 apartments, of which 16 would be set aside as affordable, plus nearly 1,500 square feet of shops and restaurants. The apartments would include studio, one- and two-bedroom units.
High Street, a unit of Dallas-based Trammell Crow, closed on a financing deal with Principal Asset Management late last month, according to the Business Journal. Terms of the loan were not disclosed.
After breaking ground this week, the building is expected to finish by the end of 2024.
“It’s very rare and unique to be able to find a waterfront site in Southern California,” Alex Valente, senior vice president of High Street, told the newspaper.
The project received a density bonus that allows it to reach 85 feet, or 24 feet higher than zoning allows, in exchange for the affordable units.
The gray and white building, designed by KFA Architecture of Culver City, features large balconies and corner windows, with floor-to-ceiling glass for ground-level shops and eateries.
Last month, Ratkovich Company and Jerico Development broke ground on West Harbor, the 42-acre redevelopment of the former Ports O’ Call Village.
The waterfront shopping and dining destination will include more than 150,000 square feet of shops and restaurants, a market hall, an artisan craft brewery, plus 4 acres of parks and a 6,200-seat amphitheater.
— Dana Bartholomew