LONG BEACH, CA—AndersonPacific LLC and Ledcor Properties Inc. will begin construction of the Current, a 17-story luxury apartment development in Long Beach, CA, on March 21 with a ground-breaking ceremony. The $70 million development is the first ground-up high-rise apartment complex to be built in the city since the recession and possibly longer.
“There hasn’t been a high-rise apartment building constructed in Long Beach since the 1970′s. The existing inventory of ocean view opportunities is consumed by condominiums and of predominately aging or small buildings, which do not meet today’s market demand,” says Ryan Altoon, EVP at AndersonPacific.
Designed by San Francisco’s BAR Architects, the 223-unit property will have studio, one- and two-bedroom apartments as well as penthouses. “The project is on trend, offering smartly designed, contemporary living spaces combined with the common amenities normally found in a boutique hotel,” says Altoon. Interior units will have nine-foot ceilings, walk-in closets, fireplaces and high-end appliances, including a washer and dryer. The luxury complex will also have an on-site concierge, rooftop pool, fitness center and ocean views. The mixed-use property has 6,750-square-feet of retail space on the ground floor. Developers anticipate a 2016 opening.
The property is targeting young professionals “seeking luxury, technology, convenience and proximity to transit and urban attractions such as restaurants, entertainment, museums and other cultural attractions, all within walking distance to the beach,” Altoon adds. The property also expects to earn LEED-Gold certification after the property in completed.
Long Beach Mayor Bob Foster and Councilmember Suja Lowenthal, Second District, will attend the ceremony. The Current is the first phase of a two-tower project called Shoreline Gateway. Expected to break ground in the next two years, the second, taller tower has 35 stories.
AndersonPacific purchased the site in 2004, but could not move forward with the project due to the economic downturn. However, the developer held onto the site despite the recession and is now happy to start construction. “In 2005 we publicly committed to those goals. Ten years later we have survived some pretty extraordinary circumstances and we are thrilled to be moving forward,” says Jim Anderson, CEO of AndersonPacific.
Although there have been no new high-rise multifamily developments in Long Beach, development has not completely stalled. GlobeSt.com reported last month that Urbana Development LLC acquired five acres of land to build a medical office building. Ground broke on the project this month with an expect completion date in 2015.