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 San Pedro Bank Lofts407 W. 7th Street, San Pedro, CaliforniaDescription:
San Pedro Bank Lofts is a mixed-use, 89-unit for-sale condominium development consisting of the preservation of the historic façade of an existing vacant bank building and new residential construction on parcels currently utilized for surface parking. The property will consist of two, four-story residential structures, a 3,554 sq ft commercial unit and 154 parking spaces. The project is modeled after the National Association of Homebuilder's 2002 Best Loft Project in the United States, the "Lofts at the Ballpark," in Houston, Texas. The combination of the bank's historical façade and new modern architecture will help promote the Bank Lofts as one of San Pedro's new signature residential communities. Location:
The San Pedro Bank Lofts property is located at 407 to 409 W. 7th Street, on the southwest corner of 7th Street and Mesa Drive, and a vacant parcel of land located at 390 W. 8th Street, on the southeast corner of 8th Street and Mesa Drive, in the downtown area of San Pedro in the City of Los Angeles. Size:
132,091 sq ft on 1.45 acres Community
Benefits:
Over 90% of the units will be sold at sale prices affordable to households at or below 150% of the average median income for the area. The property is located in census tract 2971.1, which is designated a low-moderate income area according to HUD, and is located in the Pacific Avenue Corridor Redevelopment Area for the City of Los Angeles, an area that the City has targeted for revitalization. Construction Completion:
Construction is expected to be completed in January 2007. Developer:
Urban Pacific Builders, LLC is a Long Beach-based real estate development company, focused on providing urban housing through the development of adaptive reuse, in-fill, and affordable housing communities in the Southern California marketplace. Project Cost:
$32,000,000 Financed By:
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