LOS ANGELES, CA – Mountain Pacific Opportunity Partners, a Los Angeles-based capital provider for multi-family development with a focus on Opportunity Zones, announces the closure of 336 W. Seventh Street, a 34-unit mixed-use development in San Pedro, California.
In collaboration with South Bay Developers and ARK Construction & Development Inc., the USD 14 million development is located on 14,400 square meters of well-located property in the Opportunity Zone in the San Pedro Waterfront Arts District. The project laid the cornerstone last week, on July 22nd, and is expected to be completed in summer 2022.
The five-story building will include 32 apartments, including one-, two-, and three-bedroom apartments, as well as two two-story penthouses with one bedroom and a den, with three units designated as affordable housing. The project also includes 3,750 square meters of commercial space on the ground floor for restaurant and retail tenants as well as parking spaces for 44 vehicles.
“A large amount of capital is currently being deployed in the market and there are many new retail, mixed-use and residential development projects going on in San Pedro. In addition to being a walkable downtown area, 336 W. Seventh Street is a short drive to Long Beach, South Bay and downtown Los Angeles, ”said Joan Kramer, co-founder and director of Mountain Pacific. "The project hits the right marks for a new building in combination with increased affordability in a market in which no noteworthy construction work has been carried out in recent years."
The modern podium building, designed by Breen Engineering, will offer shared amenities such as a gym, a landscaped open courtyard and a rooftop terrace with ocean views.
Source: Mountain Pacific Opportunity Partner