Luxury High-Rise Build Shows Evolution of Long Beach
The multifamily market in Long Beach has grown rapidly in the last five years, and now, the tallest luxury high-rise in the market is on its way.
The Long Beach multifamily market has grown rapidly in the last five years. It has become model live-work-play environment and has an apartment construction pipeline of 2,500 units to meet the growing demand. Now, a new milestone for the growing market: a new luxury high-rise property. Ledcor Properties and Anderson Pacific LLC have broken ground on Shoreline Gateway, the second phase of the Current, the first high-rise apartment community under construction in Long Beach since 1966. The project illustrates not only the growing demand in Long Beach but the changing demand as well.
“The Long Beach multifamily market has steadily improved over the last several years. Throughout Downtown corridors, visible examples of investment in new businesses, commercial and residential development, placemaking and public realm endeavors, all add to the vibrancy and excitement of Long Beach,” Ryan Altoon, EVP at AndersonPacific, tells GlobeSt.com. “Downtown is at the center of this activity, focused upon creating and delivering a unique experience that only a true waterfront urban city can provide. These market forces all support a robust and expanding base of new housing in Downtown.”
Shoreline Gateway will be a 35-story tower, making it the tallest apartment complex in Long Beach. It is the second phase of a larger residential development launched in 2004 and is the companion building to The Current, a 17-story 223-unit apartment building that delivered in 2016. “Our vision for this site, consistent over the last 14 years, was to provide a catalyst to revitalize eastern end Downtown Long Beach. Shoreline Gateway will offer luxury high-rise living experience with a hospitality-level design, and is highly amenitized to meet future residential demands,” Jason Silver, director of development at Ledcor Properties, tells GlobeSt.com. “The notion was to provide an iconic gateway building to enhance the skyline of the City, while creating increasing value to the adjacent neighborhood.”
The building amenities include a rooftop pool and spa on the 35th floor and panoramic community room lounge on the 34th floor, along with amenities, community living spaces and retail and entertainment spaces. Additionally, the Shoreline Gateway will be the first LEED Gold-certified building in Long Beach. All of these amenities fit the urbanized Downtown area. “Downtown Long Beach is also a true walkable urban environment, with an extensive bike network/bike share, as one of the ‘Most Bike Friendly Cities in America,’ recharging stations, new pilot e-scooter program, extensive free bus network, and connections to the Metro Blue Line, linking the employment centers of Downtown Los Angeles and Long Beach,” adds Altoon.
The developers expect the development will set a standard in the market. While it will deliver in early 2021, they already expect strong demand. “As proven with the lease up of The Current, we anticipate a commensurate healthy absorption rate, while offering a diverse range of unit types and sizes to cater to myriad communities of renters—from studio apartments, to traditional 1- and 2BR units, to 2-story Penthouse units,” says Silver. “As the tallest luxury high-rise in a waterfront downtown, demand for this community will pull local and regional renters, as well as national transplants seeking a walkable urban environment with proximity to major employment and recreation centers.”