Pineda: This new development redefines apartment living in San Pedro as it is geared specifically towards families, featuring 375 market-rate units and 19 townhomes. Initially this project was entitled for 404 units, but we reduced the unit count and increased the unit size to ensure a smaller scale, residential feel. All townhomes wrap around the quieter residential edge of Palos Verdes and 5th street. Additionally, the inclusion of stoops on all ground floor units further add to the residential neighborhood feel.

Across from the project site is a 16-story residential development that caters to the more urban apartment dweller, featuring amenities like upscale concierge service. 550 Palos Verdes really focuses on drawing in the community and activating the street by providing individual, private entries to ground floor units, creating a walkable retail hub, and attracting more families to the neighborhood. This development also delivers on the goal of driving more traffic to the downtown shopping district, with the revamped waterfront as a community hub between the two, featuring open spaces, outdoor dining, and a public entry plaza.

GlobeSt.com: What is apartment development like in San Pedro, and what is driving the boost in activity?

Pineda: There are quite a few projects under construction, approved or on the books in the area. There are many factors driving this influx in development, including the revitalization of the San Pedro waterfront that envisions a town square and attraction much like San Francisco's Fisherman's Wharf. As this effort nears completion the area will become more and more attractive to residents. This $100 million dual-phase redevelopment is set to complete phase one in 2020, the same year in which 550 Palos Verdes is slated for completion.

Another factor driving development in not only San Pedro but in areas like Koreatown and the L.A. Arts District is the rising population and continued demand for housing within the city of Los Angeles. As renters flock towards major cities with hot job markets but limited room for development, rents increase, driving people to either pay higher rent rates or look to the suburbs or less appealing neighborhoods for housing. As the millennial generation begins to start families, they will seek to move out of cramped and expensive L.A. studios or one-bedrooms, driving them to look outside of downtown for housing.

GlobeSt.com: What is the future of apartment development in San Pedro?

Pineda: As the waterfront revitalization effort nears, San Pedro will become a more and more desirable location for LA residents. And as rents continue to rise in LA, renters will look outside of city proper for urban locations to put down roots. San Pedro is experiencing a true renaissance and apartment development will continue to flourish as the waterfront and downtown districts become increasingly interconnected and walkable. Residential and retail will continue to stay aligned but will separate just enough to provide convenience and promote connectivity, allowing for that valued residential neighborhood feel. Overall, I think the future is bright for the city of San Pedro and development within.