City Council Approves Purchase of Property at Artesia Blvd. and Atlantic Ave.
2016-08-04 · By Editor
At the August 2nd City Council meeting, the City Council approved the purchase of property at Artesia Blvd. and Atlantic Ave. by Frontier Real Estate Investments, LLC for $2,100,000. The location is one of several past Redevelopment Agency parcels now owned by the City through the Long Beach Successor Agency Long Range Property Management Plan.
The project includes a 93,230-square-foot site at the northeast corner of Artesia Blvd. and Atlantic Ave., which is currently a vacant lot. The development concept proposed by Frontier Real Estate identifies 4,800 square feet of retail space including a commercial bank, and 8,400 square feet of restaurant space. It includes a community gathering space, as well as much needed services and amenities for the community. The development concept design is well-balanced, and complements the surrounding residential neighborhood.
“After more than a decade, we’re thrilled to turn the page and enter into this new agreement to bring another exciting restaurant-based development to the Atlantic Corridor in North Long Beach,” said Vice Mayor Richardson. “We look forward to engaging the community and the developer to bring new retail and set a new urban design standard for the area.”
This development will eliminate blighting influences, enhance economic development opportunities adjacent to the corridor, generate new jobs, and increase property tax revenues.
“We are honored that the City has selected us to develop this site,” said Tom Carpenter, Senior Director of Acquisitions for Frontier Real Estate Investments. “Our plan is to create a destination that the community will be proud of and to bring new retail amenities to the area.”