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LONG BEACH, CA-A 1.5-acre site was acquired for a new 72-unit for sale loft development at the $75 million CityPlace mixed-use project here. The property was purchased by locally based Urban Pacific Builders. The transaction value for the deal was just under $2 million.

The units will consist of three-stories above one floor of semi-subterranean parking. Unit sizes will range from 1,100 sf to 2,500 sf with pricing expected to start in the mid-$200,000 range. The property is located nearby to Pine Ave. corridor with AMC Theaters, restaurants, shopping and within close proximity to the Aquarium of the Pacific and World Trade Center of Long Beach.

Ohio-based Developers Diversified Realty Corporation is developing CityPlace. The former site of the Long Beach Mall and International School, CityPlace encompasses an eight-block vicinity bounded by Pine Avenue, Elm Street, Third Street and Sixth Street. CityPlace is scheduled to open during the first quarter of 2003 with 221 apartments, 72 units of lofts for sale, a 38-room hotel and 450,000 sf of retail and restaurant space.

Albertson’s, Sav-On, Nordstrom Rack, Wal-Mart and Ross Dress For Less are currently under construction. CityPlace was designed by Venice, Calif.-based Jerde Partnership, which designed Third St. Promenade in Santa Monica and Horton Plaza in San Diego. O’Donnell/Atkins Company represented both Developers Diversified Realty Corporation and Urban Pacific Builders in the transaction.

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