LONG BEACH, CA—Urban Pacific Multi-Housing haspurchased a 15,000-square-foot land parcel in Downtown Long Beachfrom a failed condo project. According to Urban Pacific, this sitewas the last remaining distressed asset in thedowntown market. The developer plans to build a 30-unit,transit-oriented multifamily development on thesite.

The site was severely distressed and only 30% complete when theback pulled funding in 2008. Because this is a smaller parcel ofland, it has gotten little attention from investors since therecession ended. “Our site, being partially built, need a much morecreative hand,” Scott Choppin, founder andmanaging partner of Urban Pacific Multi-Housing, tells GlobeSt.com.“The original project was a 10-unit condo project with podiumparking. We re-entitled the site for 30 apartment units, whilekeeping the ability to reuse the existing improvements for our newproject. We did this predominately through use of the stackedmechanical parking lifts, which allowed us to increase the densityof parking within the same original garage footprint.”

Named Sixth Street Lofts, the building willhave a mix of studio, one- and two-bedroom apartments, and willfeature a mechanically stacked parking structure, the first of itskind in the downtown market. The property itself will have tworooftop decks with city views, fireplaces and resort-style seating.Onsite amenities include a fitness room, bike room andentertainment lounge. The interior units will have 11-foot ceilingheights, walk-in closets and galley-style kitchens. Construction isexpected to begin in May.