LONG BEACH, CA—AndersonPacific LLC and Ledcor Properties Inc. will begin construction of the Current, a 17-story luxury apartment development in Long Beach, CA, on March 21 with a ground-breaking ceremony. The $70 million development is the first ground-up high-rise apartment complex to be built in the city since the recession and possibly longer.

“There hasn't been a high-rise apartment building constructed in Long Beach since the 1970's. The existing inventory of ocean view opportunities is consumed by condominiums and of predominately aging or small buildings, which do not meet today's market demand,” says Ryan Altoon, EVP at AndersonPacific.

Designed by San Francisco's BAR Architects, the 223-unit property will have studio, one- and two-bedroom apartments as well as penthouses. "The project is on trend, offering smartly designed, contemporary living spaces combined with the common amenities normally found in a boutique hotel,” says Altoon. Interior units will have nine-foot ceilings, walk-in closets, fireplaces and high-end appliances, including a washer and dryer. The luxury complex will also have an on-site concierge, rooftop pool, fitness center and ocean views. The mixed-use property has 6,750-square-feet of retail space on the ground floor. Developers anticipate a 2016 opening.