One of Long Beach’s biggest development sites has hit the market.
Golden Shore, a roughly 6-acre, four-parcel waterfront site where a developer has proposed a luxury mixed-use project, is listed for sale by commercial brokerage Avison Young at an undisclosed price.
The offering, which calls the property “Downtown Long Beach’s preeminent site,” emphasizes its full entitlements and “spectacular panoramic views of the Pacific Ocean, Long Beach Harbor and the Downtown skyline.”
It was unclear exactly why the site, which is primarily under development by the Las Vegas-based firm The Michael Anthony Group, was on the market now. One executive at The Michael Anthony Group affiliated with the project did not respond to an interview request; Peter Shermna, the Avison Young broker who holds the listing, also did not respond. At least one of the four parcels, a 1.8-acre property that currently houses a six-story, 1980s-built office building, has been owned by a partnership since 2007, according to property records.
If and when Golden Shore gets built, the mixed-use project would rank among the largest new developments in Long Beach. Under one possible proposal, which was outlined in December on the development news site LA Yimby, the Golden Shore would consist of an interconnected six-tower complex with nearly 1,400 condos, 370,000 square feet of office and retail space and more than 3,500 parking spaces. Under another proposal, one 29-story, 260-unit residential building would be swapped for a 15-story, 400-key hotel.
Golden Shore belongs to a crop of high-profile development projects that for years have worked to remake and add density to Long Beach, which already ranks as the second-most populous city in L.A. County and seventh-most populous in California. In September, Trammell Crow Residential, an arm of Dallas-based Crow Holdings, closed on a land purchase at the corner of Golden Avenue and West Broadway, next to the city’s waterfront Cesar E. Chavez Park, where the firm plans to build its Westside Gateway project, which would rank among the city’s tallest buildings. The current tallest is a 35-story complex called Shoreline Gateway, which opened last year, and dozens of other projects are in the works.
The Golden Shore site is located on Golden Shore and Ocean Gate roads in the city’s southwest corner, near where the Los Angeles River drains into the Pacific Ocean. In order to build, the developers will first have to knock down nearly 300,000 square feet of existing office and retail space.
The post Long Beach’s Golden Shore megaproject goes on sale appeared first on The Real Deal Los Angeles.
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