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joint venture
entity consisting
of James Ratkovich
& Associates
and its capital
partners, has
acquired the rights
and entitlements
of the property
located at the
southeast corner
of Pine Avenue
and Ocean Boulevard
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WAILEA BEACH VILLAS
THE PACIFIC
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in
the
City
of
Long
Beach,California.
On
this
predominant
corner,
the
Venture
is
developing
a
luxury
condominium
project,
consisting
of
155-residential
units,
ground
floor
restaurant
and
retail
space
in
a
22-story
tower,
including
partial
subterranean
parking
with
its
main
entrance
off
Pine
Avenue.
In
the
main
tower,
there
will
be
a
total
gross
square
footage
of
341,185
square
feet,
which
includes
266,085
square
feet
(plus
balconies)
of
saleable
residential
area,
20,500
square
feet
of
restaurant
and
retail
space,
with
the
balance
as
associated
common
areas
including
a
roof
deck
and
lounge
on
the
23rd
floor.
The
units
will
average
1,716
square
feet
in
size
and
will
consist
of
one,
two,
three
and
four
bedroom
units
ranging
from
991
square
foot
one-bedroom
unit
to
the
spacious
3,623
square
foot
Penthouse
units.
There
are
a
total
of
25
penthouse
units
each
with
12-foot
floor
to
ceiling
space,
which
will
be
available
on
the
top
five
floors
of
the
tower.
Upon
sell
out
of
these
residences,
gross
sales
revenues
are
anticipated
to
be
over
$150.0
million
or
approximately
$540.00
per
saleable
square
foot.
The
value
of
the
restaurant
and
retail
space
is
estimated
to
net
an
additional
$8.5
million
dollars.
The
development
concept
for
Edgewater
on
Ocean
project
is
to
provide
an
experience
unique
to
the
urban-waterfront
location
of
this
Long
Beach
property.
The
site
is
at
the
“center
of
the
action”
with
the
convention
center
and
arena
complex,
Queensway
Bay
retail
and
Long
Beach
Aquarium
to
the
south,
Pine
Avenue
to
the
north
and
the
business
centers
to
the
west.
It
enjoys
easy
transportation
access
to
Los
Angeles’
Freeway
network
as
well
as
the
Metrorail
–
Blue
line
for
those
who
commute
directly
to
downtown
LA.
Ocean
vistas
and
City
views
from
the
upper
condominium
floors
should
be
spectacular
from
any
unit.
As
to
amenities,
it
should
be
unsurpassed
in
Southern
California
with
the
services,
style
and
security.
It
is
important
that
the
facility
be
designed
so
the
overall
experience
of
condominium
residents
is
one
of
simple
elegance,
with
a
unique
urban
environment
exceeding
that
of
any
comparable
project
in
Long
Beach
or
elsewhere
in
Southern
California.
All
entitlements
to
develop
the
subject
project
have
been
obtained.
The
Venture
has
finalized
its
schematic
design
of
the
Project
and
as
received
all
approvals
from
the
City
of
Long
Beach
planning
commission
and
the
California
Coastal
Commission.
It
is
estimated
that
the
project
will
be
built
within
a
20-month
period
from
the
commencement
of
foundation
work
scheduled
for
the
2nd
quarter
of
2005.
Total
sell
out
of
the
units
by
the
mid-2007 |
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