(To read more on the multifamily market, click here.)

SAN PEDRO, CA-Developer Raffi Cohen’s Beverly Hills-based Galaxy Commercial Holdings has imploded the 12-story former Pacific Trade Center building to make way for a 16-story, 318-unit project called Vue. It will be San Pedro’s first high-rise condo development. Galaxy collapsed the 40-year-old, 122,000-sf Pacific Trade Center office building Sunday morning amid cheers from onlookers at the waterfront site where the developer is building the $175-million Vue project.

A Galaxy spokesman tells GlobeSt.com that the developer imploded the building because the Pacific Trade Center had been built in a way that rendered it difficult if not impossible to dismantle the building floor-by-floor. The Vue, named for its views of the waterfront and Palos Verdes Peninsula, is slated to break ground in fall of this year, with the units expected to be available for occupancy in early 2008. It is a development of Galaxy and the Carlyle Group.

Designed by J. Kobi Moses, principal of GMP Architects of Santa Monica, the Vue is taking shape at a site just a short drive across the Vincent Thomas Bridge from Long Beach at Fifth and Palos Verdes streets. The condominiums will include units of one to three bedrooms that will range from 700 sf to more than 1,713 sf.

Planned amenities include a courtyard designed around a pool that features private cabanas, a roof-top sky deck on the 16th floor, a lounge and a fitness center. The project will include a five-story, 725-space controlled access parking structure.

Designed by J. Kobi Moses, principal of GMP Architects of Santa Monica, the project will feature interiors by Style Interior Design of Irvine. In addition to emphasizing the project’s location, views and amenities, the developers are marketing the Vue units as among the lowest-priced waterfront living in Southern California.

The developers point out that downtown high-rise projects, which were hardly imaginable only a few years ago in the Southland, have become popular in Los Angeles, Long Beach and other locales. The projects now include a number of buildings that represents all-new construction as well as existing high-rise buildings that have been modified for residential uses.

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