City Council Approves Sale of North Village Properties to LAB Holding, LLC
2016-08-17 · By Editor
At the August 16th City Council meeting, the City Council approved the purchase and sale agreement of 30 parcels near the new Michelle Obama Neighborhood Library by LAB Holding, LLC (The LAB) for $6,943,200. The locations are part of past Redevelopment Agency lots now owned by the City through the Long Beach Successor Agency Long Range Property Management Plan.
“We’re thrilled to welcome The LAB to our community. They now round out the trio of retail development partners on the North Atlantic Corridor, Frontier Real Estate Investment and Westland Real Estate Group, who are tasked with revitalizing the Atlantic corridor,” said Vice Mayor Rex Richardson. “The Lab’s art-based, town-center style development will complement and be anchored by the new Michelle Obama Neighborhood Library, a focal point of the Uptown Renaissance. It will be a development like no other in the City of Long Beach, and we’re proud that it will be based in North Long Beach.”
“The investment of the LAB in North Long Beach will be a game changer not only for Uptown neighborhoods, but for all of Long Beach,” said Councilmember Austin. “It will make the entire city stronger.”
The LAB, which is an acronym for Little American Business, was created and founded by Shaheen Sadeghi. According to their website, the LAB “weaves community, culture, commerce and consciousness into real estate innovation and place making.” The LAB has developed and operates other innovative retail establishments in Southern California such as the Anaheim Packing District, and the Lab Anti-Mall and The Camp in Costa Mesa.
“This development will be transformative for the community. Shaheen and his team have been great to work with and I have had the pleasure of introducing him to the possibilities in North Long Beach,” said Austin. “I look forward to working with them on the next phase as they develop their vision for the community.”
The transaction will assemble the former Long Beach Redevelopment Agency properties, 18 which are classified as For Sale properties and 30 designated as Future Development properties in the North Village development into one Purchase and Sale Agreement.
The 30 Future Development properties, total 176,613-square-feet, near the intersection of South St. and Atlantic Ave. Specific details regarding the concept are currently in progress.
All For Sale properties are being sold at fair market value, or $4,363,200. The Future Development properties are being sold for $2,580,000, for a total purchase price of $6,943,200. The LAB will provide a down payment and promissory note to the City while completing the North Village development concept.
Upon the completion of the agreement, the LAB will begin the entitlement process, including the City’s review of the project design. After the approval of entitlements, the LAB anticipates 18 months to complete construction, with an expected opening in Summer 2019.