Construction on the City Place multifamily component is slated to start this year, according to Scott K. Choppin, a managing member of Long Beach-based developer UPB. The company has agreed to enter escrow on the apartment units with Developers Diversified Realty, the project's master developer. UPB is also developing 69 live/work loft condominiums for the City Place project, which are slated for completion in fall 2002. That $15 million project, along with the new multifamily commitment means that the firm is now responsible for all housing at the redevelopment project.
City Place is rising near the Long Beach Promenade and the city's Pine Avenue corridor on the former site of the Long Beach Mall. Upon completion, the development will include retail and commercial outlets, including Nordstrom Rack, Albertson's, Home Expo, Ross, Wal-Mart and Save-On.
UPB is also busy in Downtown Los Angeles, as it is currently in escrow on a second loft conversion project there. Acquisition is expected to be completed by this fall, according to a company spokesperson.
The loft spaces will be located at 215 W. Seventh St. in the Bartlett Building. UPB is also working on its loft conversion project at the Security Building, which stands at 510 S. Spring St. That development involves 153 rental lofts, retail shops, a post office and a restaurant and lounge. Completion is scheduled for spring 2002.
Multifamily developers have increasingly turned to infill projects in recent months because the lack of buildable land has kept the county's multifamily market incredibly tight.
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