LOS ANGELES--September 20, 2004--Developers CIM Group and the Lee Group, along with Mayor James K. Hahn and Councilwoman Janice Hahn joined with community and business leaders to celebrate the start of construction today on Centre Street Lofts. Located in the heart of downtown San Pedro, the project will offer urban living, creating much needed housing within walking distance of businesses, shops and restaurants. The five-story mixed-use project features 20,500 square feet of ground floor retail and 116 live/work condominiums.
"Urban living continues to be a popular option for young and old. Downtown San Pedro has offices and restaurants but little housing. With Centre Street Lofts we will offer for sale housing with community serving retail in the heart of the city. The historic waterfront district offers residents an experience unique to Southern California," said John Given, principal of CIM Group.
The $38 million developm ent is set on 1.17 acres located at 6th and Centre Streets in San Pedro. It is the first new market rate housing project in downtown San Pedro in decades.
"I'm proud that we partnered with the developer to get this project done, and I think Los Angeles is getting a great return on our investment," Mayor Hahn said. "Housing, jobs and public parking are just the beginning. This project will join with Bridge to Breakwater to catalyze a bigger boom in downtown San Pedro."
"For years, this community has waited to see downtown San Pedro and our waterfront rejuvenated and reinvigorated. This project ensures that as we move forward with redeveloping our waterfront, downtown will not be left behind," said Councilwoman Hahn. "I am thrilled that a developer like CIM Group, which brings vast experience to this project, has decided to invest in San Pedro. I am confident that their plan for housing and retail will benefit all of San Pedro and will encourage even more development as we begin our long-awaited revitalization."
"As a long-time resident of San Pedro and as a member of CRA/LA's Board of Commissioners, I am truly pleased to participate in our downtown renaissance," said John Schafer. "The Centre Street Lofts is a catalytic project which we believe will attract new homeowners, businesses, tour groups, and other visitors. In the not-too-distant future, everyone will learn what we know already; San Pedro is a vibrant waterfront community with unique charm and hard-working individuals and families. Other parts of Los Angeles have experienced growth through redevelopment - it's our turn now," he added.
Designed by ARQUITECTONICA, the loft-style condominiums will offer a contemporary living environment with abundant views, high ceilings, open floor plans and top quality finishes. By emphasizing ground floor retail and wrapping the parking garage with loft units the project design will activate the street and improve the pedestrian experience. In addition to providing ample parking for project residents and retail shoppers, the 312-space garage will contain 40 public parking spaces to serve the larger retail district. The lofts will be available for sale in summer 2005 with completion scheduled for spring 2006. An interest list and additional project information can be found at www.centrestreetlofts.com.
"We like to be pioneers and have been very successful in downtowns like San Pedro that are refocusing on their urban core. People want homeownership and they want to live in a vibrant downtown," said Jeff Lee, president, the Lee Group.
The principals of The Lee Group have been developing residential projects since 1957. The company's focus is for-sale single and multi-family housing in urban infill locations and its homes range from those designed for first-time buyers to luxury residences such as those under construction at Playa Vista.
CIM Group is a full service real estate investor and operator organized in 1994 to revitalize districts of high population density, including the traditional downtown areas within large cities and the main street districts within towns and suburban cities. A leader in California's urban renaissance, CIM Group has contributed to California's urban fabric through its real estate investments that comprise a premier portfolio of street retail, housing and office properties in California's most popular destinations, including Santa Monica's Third Street Promenade, Old Pasadena, Birch Street in Brea, Downtown Los Angeles, Hollywood Blvd., San Diego's Gaslamp Quarter and San Jose's Downtown. Each CIM Group investment adapts proven land use and design principl es of great urban districts to the unique strengths of the location and the needs of the community.