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Recommendation to authorize City Manager to execute a three-party Exclusive Negotiating Agreement with the Redevelopment Agency and P3 International, LLC, for the development of the southeast corner of Ocean Boulevard and South Pine Avenue. (District 2)
DISCUSSION
Development Services staff has received an unsolicited proposal from P3 International, LLC (Developer), for the development of the property located at 100 East Ocean Boulevard near the southeast corner of Ocean Boulevard and South Pine Avenue. The Redevelopment Agency (Agency) recently acquired the 61,000-square-foot parcel adjacent to Victory Park (Exhibit A - Site Map). The Agency transferred ownership of this property to the City of Long Beach on March 14, 2011, and the City Council authorized the City Manager to accept conveyance of the property on March 15,2011.
Acquisition of the property has created the opportunity to facilitate the development of the property and improve access to Victory Park while incorporating the historic Jergins Tunnel. The Jergins Tunnel was open to the public until 1967 and served as an underground passageway under Ocean Boulevard that connected the original Pike Amusement Park.
The property has been predominantly underdeveloped and significantly underutilized for over 20 years. The existing site improvements consist of a 66-space surface parking lot managed by Diamond Parking Services. It is also a visual and physical impediment between the waterfront and the Pine Avenue entertainment district.
The primary objective of the Redevelopment Plan (Plan) for the Downtown Redevelopment Project Area (Project Area) is to revitalize the City's downtown by restoring the area to a vibrant center for business and commerce. Other objectives of the Plan include diversifying land uses in the Downtown to encourage cultural, employment, retail, services and visitor opportunities.
P3 International, LLC, was founded with nearly thirty years of experience in high-end constru...
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