LONG BEACH, CA-CT Realty Corp., Lennar Orange Coast Homebuilding and Argosy Investors have formed a partnership to develop 62 condominiums and 5,161 sf of retail space at a $30 million project called the Pacifica at the Promenade. The joint venture partnership is known as Lennar Long Beach Promenade Partners LLC.

Robert Campbell, president of CT Realty, says that the project appealed to CT Realty because of the location and the "renaissance" in Downtown Long Beach, which has developed with a pedestrian orientation and access to mass-transit systems. The project site is at 200 E. Broadway Ave., on the southeast corner of East Broadway Avenue and the Promenade, approximately two blocks north of West Ocean Boulevard.

SL Residential Inc. is the builder for the project, which is a block away from the Pine Avenue dining and entertainment district, close to the beach, the Long Beach Convention Center, the Performing Arts Center, the Long Beach Aquarium and the Queen Mary. A Blue Line transit stop is nearby.

The mixed-use property will be a five-story structure with one level of subterranean parking for residents and ground-level parking for retail customers. Pacifica will feature four levels of flats and townhomes constructed over ground-floor retail and building lobby space.

The condominiums will range from 708 sf to 2,276 sf, with prices starting in the low $400,000 range. The units are expected to be completed in January.

The project is the first new ground-up condominium development for 12-year-old CT Realty. Joint venture partner Argosy Investors is composed of the principals of Snyder Langston.

Campbell said that the joint venture partnership will also improve an existing amphitheater adjacent to the Pacifica site. CT Realty provided equity financing for its Pacifica investment through CT's California Fund V. The project designer is Withee Malcolm Architects of Torrance.