LONG BEACH, CA-PCS Development of Los Angeles on Wednesday opened its 221-unit The Premiere at CityPlace, a mixture of studio, one- and two-bedroom apartments that are one of the housing components of the CityPlace mixed-use retail and residential development Downtown.

With rents starting at $1,200, the complex, on East Fourth Street at Pine Avenue, features a fitness center, a swimming pool and a spa, steam saunas, outdoor fireplaces, controlled access parking, a business center, a multipurpose media room and clubroom, and other amenities in what PCS describes as a luxury project.

The Premiere is part of the eight-square block CityPlace redevelopment that is replacing the former Long Beach Plaza enclosed mall. The apartment project includes five buildings of three stories each. It is being built over ground-floor retail space owned by Cleveland-based Developers Diversified Realty Corp. (DDR).

DDR is the master developer for the eight-block CityPlace redevelopment area. The Premiere project site is along Pine Avenue between 5th and 6th streets, within walking distance of the waterfront. PCS secured $5.5 million in joint venture equity from Newport Beach, CA-based Buchanan Street Partners for the development of the complex.

DDR has described the CityPlace development as a $100 million project, which combines 450,000 sf of retail stores with 340 apartments and condominiums.

The new shopping development restores an original city street grid by reopening Fourth and Fifth streets, which were closed to make way for the former Long Beach Plaza. It was built with approximately $17 million from the Long Beach Community Development Department, most of it public improvements such as restoring the street grid and renovations to city-owned parking structures.

CityPlace is owned by Coventry Long Beach Plaza LLC, a partnership between DDR, Prudential Real Estate Investors and Coventry Real Estate Partners.

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