San Pedro building slows

The long-awaited revitalization will end up taking a while longer. Developers of San Pedro's Bank Lofts arenít offering much detail on their two-building complex, including why construction on the larger building seems to have ground to a near halt. The smaller of the two Bank Loft buildings has been completed (a few residents will begin moving in by June). But there remain plenty of vacancies - out of 89 units in two buildings, 19 escrows are open. That could mean some sort of "lease-to-sell" arrangement. From the Daily Breeze:

Jayme Wilson, chairman of the Pacific Corridor Advisory Committee, characterized the slowdown as a "hiccup on the road" to revitalizing downtown San Pedro. "The world's not coming to an end," he said, noting that the condominium developments have replaced long-standing empty lots in town. "The real estate market is tough everywhere. ... As the market recovers, the homes will sell." And the news hasn't stopped another developer, Galaxy Commercial Holdings, from pushing ahead with plans for "G8," a high-rise condominium tower at Harbor Boulevard and Fifth Street where the Grinder Restaurant now stands.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
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