San Pedro property changes hands

The local guy has sold it to the Bev Hills developer. Money problems, or so they're saying. Gary Dwight, a fourth-generation San Pedran, had proposed an 18-story, $110 million development with a smaller section of brownstones at 550 S. Palos Verdes St. Plans had called for 320 residential units and 4,000 square feet of retail space, a promising project in a town that could use all the development it can get. Dwight is selling the property to Omninet Capital. No purchase price disclosed, but based on real estate records, the Daily Breeze puts it in the neighborhood of $5.4 million. City Councilwoman Janice Hahn has talked to the Omninet folks, who told her that they would like to add five more stories to the original plan. Good luck on that.

What eventually will be developed there is of keen interest to the developers of the Vue, a 16-story glass tower condominium project already under construction at 255 W. Fifth St. The Vue's harbor views could be impacted by the development on Palos Verdes Street in front of it. The Vue has sold 70 percent of its 318 units, and the project is set to be finished in 2008.