I have some great news to share! At last week's City Council meeting, the Long Beach City Council approved the purchase and sale agreement of 30 former Redevelopment Agency parcels near the Michelle Obama Neighborhood Library by LAB Holding, LLC.
Per the company website, LAB Holding, LLC is a Costa Mesa-based development team that "weaves community, culture, commerce, and consciousness into real estate innovation and place making. LAB, an acronym for Little American Business, specializes in assisting the newborn retail entrepreneur in setting their roots in a nurturing environment." They are responsible iconic and innovative developments such as, The Anti-Mall, The Camp, and The Anaheim Packing District.
The project includes 30 parcels, totaling 176,613-square-feet, near the intersection of South St. and Atlantic Ave, surrounding the Michelle Obama Neighborhood Library.
We’re thrilled to welcome LAB Holdings to our community. I've met with the leadership and believe they are a great addition to the Uptown Renaissance, and round out the new trio of retail development partners on the Atlantic corridor, Frontier Real Estate Investment and Westland Real Estate Group, who are tasked with revitalizing the Atlantic corridor. 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.
I want to thank our Director of Economic and Property Development, Michael Conway, for utilizing innovative appraisal and finance techniques to attract such a notable and qualified development team to our community. There are still a number of steps to complete along the way, but this is a critical milestone on the "Road to the Renaissance."
In the months to come, we can look forward to engaging the community and The LAB to plan, design, and, develop this exciting new project to meet the needs of our local community and to complement our new Michelle Obama Library.