LONG BEACH, CA—Boeing Realty Corp., the real estate unit of aerospace giant Boeing Co., has announced plans to redevelop 230 acres of its old and mostly vacant airplane-manufacturing site here into a business park with more than five million sf of high-tech, industrial and R&D space.Such space is in short supply in the area, where expanding trade and little new construction have pushed industrial vacancies below the 5%-mark and sent rents rising at double-digit rates, according to the local office of Grubb & Ellis. The new project, to be called PacifiCenter @ Long Beach, will be bounded by Carson Street, Cherry Avenue, Lakewood Boulevard and the Long Beach Municipal Airport.Though the project still must overcome some regulatory and environmental hurdles, Boeing Realty president Philip W. Cyburt says he’s confident the proposed complex will be approved and ready to occupy within a few years.

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