Investors have been flocking to the South Bay area, some of which qualifies as an Opportunity Zone
San Pedro is now in the middle of a multifamily building boom, with assistance from the city and federal government.
For the latest, an individual named Mitchell Lindsay filed plans for a 56-unit apartment building on 9th Street. Property records show an LLC tied to Lindsay bought the 8,100-square-foot lot in December for $2 million.
While the project qualifies under Los Angeles’ Transit Oriented Communities program, it sits just outside the border of a federally-designated Opportunity Zone.
The federal tax incentive program has been a major draw for developers and investors, luring heavy players such as Starwood Capital Group to the area.
The planned apartment complex on West 9th Street would include 50 market-rate units and six set aside for extremely low-income residents. In exchange for building affordable units near transit, the developer is seeking greater flexibility with the open space and yard requirements.
Lindsay’s proposed construction adds to the multifamily housing stock in the San Pedro pipeline. Last month, a local developer submitted plans for a 101-unit project at South Pacific Avenue. And earlier this summer, Nathan Hobba of South Bay Developers LLC filed plans to build a 99-unit apartment complex on 5th Street.
Development has also been surging thanks in part to the Ratkovich Co.’s San Pedro Public Market project. The firm is in the process of redeveloping the 30-acre site, an undertaking that’s expected to cost around $150 million.