Former RDA Gets Offers on 12 North LB Properties
2015-07-16 · By Editor
All twelve “for sale” properties in the Eighth District that were owned by the City’s former Redevelopment Agency have received offers from prospective buyers that will be considered by the Long Beach Successor Agency to the Redevelopment Agency at its July 21st meeting.
“This is great news for the community and we will finally see some new, motivated property owners work to improve these properties, many of which have been vacant for several years since the state abolished Redevelopment,” said Councilmember Al Austin II.
Among the pending transactions, Lab Holding, LLC has made offers for all nine properties that are for sale in the 5500 block and the 5600-5700 block of Atlantic Avenue, known as the North Village.
Lab Holding, LLC is an innovative company that weaves community, culture and commerce into real estate development and place making. Some of their other projects include The Lab Anti-Mall, the CAMP and the SoBeCa Arts District in Costa Mesa, as well as projects in Anaheim.
“I am looking forward to the partnership with Lab Holdings and the retail success that they will bring to the North Village,” said Austin.
According to their website, The Lab Holding’s “creative endeavors demand a deep rooted examination of the local personality and careful placement of hand selected quality businesses to compliment the existing environment yet excite the senses. Partnerships with local entrepreneurs, artisans, educators, neighbors and trade organizations are paramount to our success. The incorporation of “public space” for the invigoration and support of local culture begins at the most primary stages of concept and design and becomes our proud trademark. For more information, visit www.labholding.com.
If these sales are approved by the Successor Agency, which consists of the nine councilmembers, the transactions must then be approved by the Oversight Board to the Successor Agency and reviewed by the California Department of Finance before entering escrow.
The properties on Atlantic Avenue include the current location of the Eighth District Field Office at 5641 Atlantic Avenue. The Eighth District will be moving its field office to the Expo Arts Center at 4321 Atlantic Avenue in the coming months.
A complete list of the Eighth District “for sale” properties includes:
- 306 E. Home Street – This is a vacant parcel at Locust St. that is zoned for residential. The prospective buyers are Cherry South, LLC and MYK Properties, LLC for $198,500.
- 5365 and 5371 Long Beach Blvd. – These are empty storefronts in the Virginia Village commercial corridor. The prospective buyers are Brett and Mary Walker for $225,000 for 5365 Long Beach Blvd. and $175,000 for 5371 Long Beach Blvd.
- 5368-5372 Long Beach Blvd. – This property includes the commercial building and adjacent paseo in the Virginia Village commercial corridor. The prospective buyer is Robert J. Younger dba The Younger Law Firm for $280,000.
The Lab Holdings, LLC is proposing to purchase the following properties: 5564 Atlantic, 5616-5618 Atlantic, 5640-5648 Atlantic, 5641-5643 Atlantic, 5645 Atlantic, 5647-5649 Atlantic, 5661 Atlantic, 5701 Atlantic and 5708-5710 Atlantic.
Upon completion of the sales, the escrow and closing fees, commission and administrative costs will be deducted. The County will then distribute the net proceeds to the affected taxing agencies, with the City receiving approximately a 21 percent share.