SAN PEDRO, CA—iStar Financial is moving forward with its Ponte Vista development project. The Los Angeles City Council voted unanimously last week to approve the Ponte Vista Specific Plan and the Final EIR for the lifestyle community, which is located at San Pedro’s former US Navy housing site on Western Avenue. The approved plans for the 61.5-acre site feature 676 single-family and condominium homes and townhomes.
“Today’s vote by the City Council culminates many years of work in developing a quality lifestyle community for San Pedro, one that is broadly supported by the community because it meets the needs of the neighborhood and offers high-quality amenities to the home buyers,” says Steve McGee, EVP of iStar Financial, which took control of the project in 2010 after it had gone stale. iStar hired a new team of developers and architects to revitalize the development.
The development will include a total of 7 acres of outdoor space with pocket parks, hiking trails, swimming pools and a 2.4-acre public park. These outdoor areas have been designed with sustainability in mind. There are rainwater catchment systems, drought-tolerant landscaping and shade trees that help to conserve energy. The larger community will also benefit from traffic improvements made at 16 intersections near the development and a road from Western Avenue to Mary Star of the Sea High School. With sustainable and green practices as a trademark of the project, this development will serve as a model for other green developments.
According to representatives from iStar, the community of San Pedro fervently supports the development. The project has received open support from the Harbor City Neighborhood Council and Wilmington Neighborhood Council and several local Chambers of Commerce. iStar has worked alongside the community during the planning stages to ensure residents had a voice throughout the process. The project will break ground later this year.
This new housing development is arriving just in time. The community of San Pedro has received an influx of creative tech industries migrating to the area. Last month, GlobeSt.com reported that Jupiter Holdings completed a multimillion-dollar redevelopment project of an 11-story office building, renamed as Topaz. The developer repositioned the waterfront property into creative office to meet this new demand for office space.