AltaSea Cited as LA Waterfront Game Changer
by Jenny Cornuelle Krusoe
In a recent LA Waterfront Development Opportunity Analysis report given to the San Pedro Chamber of Commerce by Economic Planning Systems (EPS) with support by Community Design + Architecture (CD+A), Alta Sea is portrayed as a major economic driver for revitalization of the LA Waterfront. Cities are complex systems, subject to cycles of growth, stability, decline, and regeneration. EPS has addressed real estate development and land use issues in all phases of the urban life cycle for public and private sector clients throughout the western United States for more than 30 years. CD+A is a planning, urban design and architecture firm with a focus on integrated transportation / land use planning, mixed-use and pedestrian-friendly community design, and sustainable development.
EPS and CD+A were seeking to answer the guiding question for 16 publicly owned potential development sites in the LA Waterfront area: What are the best near- and longer term development options given market conditions, zoning codes, regulatory constraints, physical site characteristics, and ongoing public and private investment in the LA Waterfront?
The purpose of this Financial Feasibility Analysis was to 1). Explore the development feasibility of potential land uses assuming current market rates for development costs and revenue, 2). Understand the drivers of feasibility and/or infeasibility and 3). Identify opportunities—if desired—to support desired development through financial or other assistance.
The report, to be publically released in a meeting at the Port of Los Angeles on Tuesday, November 29th at 6:00pm, reached the following conclusions:
+ San Pedro Public Market and AltaSea could boost visitation and employment significantly, creating new demand for residential, office, and hotel development in the Outer Harbor Area.
+ Low-density condominium development currently viable in Downtown Area of San Pedro
+ Pioneering multifamily developers could establish feasible rent threshold for higher-density uses in the Downtown Area.
+ Wilmington Sites a longer-term opportunity.
LA Waterfront projects represent over $1 billion in public and private investment stimulus, with Alta Sea’s project budget of $500 million generating more than $747 million in economic impact by 2023, including more than 4,100 construction related jobs and 800+ long term full time jobs upon project completion. Furthermore, the confluence of university marine researchers, ocean industry experts and Alta Sea’s start –up incubator is expected to lead to discoveries and innovations of immeasurable value.
In order to achieve these results, Alta Sea must raise $150 million through charitable donations and grants between now and December 2021.The construction of Phase 1 will be completed in three stages, with the initial Phase 1A focusing on rehabilitating Warehouses 58-60 to provide workspace for key tenants and partners as early as 2017.