Why Long Beach Is Booming
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"Long Beach has a tremendous value proposition to offer the development community," Anderson Pacific executive vice president Ryan Altoon said.
Halfway between Orange County and DTLA, Long Beach's convenient proximity is also a draw, according to Altoon.
Anderson Pacific, along with Ledcor Properties and Qualico, developed The Current at 707 East Ocean Blvd. The 17-story, 223-unit building has 6,500 SF of ground-floor retail.
The project is the first high-rise built in the city since the Great Recession and the first high-rise, luxury apartment project in Long Beach since the 1960s.
"Long Beach is poised to take full advantage of its proximity to the water, proximity to transit and local and regional resources," Altoon said.
The city's downtown plan also creates a clear path for the development and investment community and local stakeholders.
Stepp Commercial principal Robert Stepp said Long Beach is pro-investment and pro-development, unlike other markets in LA.
"Investors are struggling to find decent returns in other Southern California markets, especially in rent-controlled areas," Stepp said. "Long Beach is a non-rent-controlled city, which enables investors to secure market rents as young professionals flock to the area to be close to the beach, diverse amenities and an expanding job base."
JR van Dijs principal Jan Robert van Dijs is seeing a resurgence around the Long Beach Airport.
He said the neighborhood is a strong location for businesses looking for office space.
"Downtown [Long Beach] is also seeing strong residential projects coming in the next two years," van Dijs said.
The more great developments there are downtown, the more entertainment and retail the area would be able to attract, according to van Dijs.
Find out more about why developers are flocking to Long Beach at the Bisnow Long Beach Boom event at 7:30 a.m. on June 8 at 1 World Trade Center in Long Beach.