Long Beach City Council Approves Purchase and Sale of 30 Parcels Near Atlantic Ave. & South St.
This approval marks the sale of the last North Long Beach properties formerly owned by the Redevelopment Agency
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 project includes 30 parcels, totaling 176,613-square-feet, near the intersection of South St. and Atlantic Ave. Specific details regarding the concept are currently in progress. The LAB have numerous successful projects in other cities, and often include individuality, historic preservation, environmental sensitivity, and the establishment of a permanent base within each locale for a mutually-beneficial long term investment.