LONG BEACH, CA—Urban Pacific Multi-Housing has purchased a 15,000-square-foot land parcel in Downtown Long Beach from a failed condo project. According to Urban Pacific, this site was the last remaining distressed asset in the downtown market. The developer plans to build a 30-unit, transit-oriented multifamily development on the site.

The site was severely distressed and only 30% complete when the back pulled funding in 2008. Because this is a smaller parcel of land, it has gotten little attention from investors since the recession ended. “Our site, being partially built, need a much more creative hand,” Scott Choppin, founder and managing partner of Urban Pacific Multi-Housing, tells GlobeSt.com. “The original project was a 10-unit condo project with podium parking. We re-entitled the site for 30 apartment units, while keeping the ability to reuse the existing improvements for our new project. We did this predominately through use of the stacked mechanical parking lifts, which allowed us to increase the density of parking within the same original garage footprint.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Fall 2022Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.