The LA City Council just unanimously approved a 50-year ground lease agreement between The Ratkovich Co and San Pedro's Jerico Development with the City of LA to revitalize Ports O' Call.
Its new name will be San Pedro Public Market.
The $150M development will feature retail, restaurants and office space as well as parks on San Pedro’s waterfront.
It is expected new tenants will be approached for the project while existing tenants at Ports O’ Call can enter into negotiations to stay on-site, according to the Daily Breeze.
The LA Board of Harbor Commissioners approved the lease three weeks ago.
Construction for the development is scheduled to begin next year. [DB]
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