However, upon crossing Del Amo Boulevard, those corridors become peppered with numerous retail spaces. “For sale” signs have become the norm in between the dollar stores, floral shops and small food markets on those streets.
That will probably soon change though, now that Lab Holding, LLC has made offers on nine of the City of Long Beach’s former redevelopment properties in the 8th Council District. The company would likely provide an innovative look and vibe that would be completely different from what is seen in the area now, local councilmembers have announced.
According to its website, Lab Holding, LLC “weaves community, culture and commerce into real-estate innovation and place making.” The company has made a name for itself in Orange County, particularly with its “Anti Mall” in Costa Mesa, a shopping center that opened in the mid 1990s to target youth who were discontent with the “homogenization of conventional malls,” according to Lab Holding. The property had once been a military night-goggle factory, but Lab Holding deconstructed its buildings and recycled the materials into walls and planters for the new center.
In 2002, Lab Holding opened The Camp in Costa Mesa as “the first ‘green’ shopping center of its kind,” according to the company. The Camp targets outdoor and health enthusiasts, and it features certified redwood, indigenous landscaping, an environmental percolation system, a grass roof and water ponds.
[aesop_image imgwidth=”200px” img=”http://www.signaltribunenewspaper.com/wp-content/uploads/2015/07/RDA-properties-3.jpg” align=”right” lightbox=”on” caption=”The retail space at 5616 Atlantic Ave. is among several that Lab Holding, LLC is trying to purchase.” captionposition=”right”] Lab Holding boasts that its endeavors demand a deep-rooted examination of local personality and careful placement of hand-selected quality businesses to complement the existing environment, “yet excite the senses.” The company touts partnerships with local entrepreneurs, artisans, educators, neighbors and trade organizations as being paramount to its success, in addition to the incorporation of public space for the invigoration and support of local culture.
“This is great news for the community, and we will finally see some new, motivated property owners work to improve these properties, many of which have been vacant for several years since the State abolished redevelopment,” said 8th District Councilmember Al Austin.
Lab Holding has made offers for all nine properties that are for sale in the 5500 block and the 5600-5700 block of Atlantic Avenue, known as the North Village, Austin said.
[aesop_image imgwidth=”200px” img=”http://www.signaltribunenewspaper.com/wp-content/uploads/2015/07/RDA-properties-2.jpg” align=”left” lightbox=”on” caption=”Empty retail spaces on Atlantic Avenue north of Del Amo Boulevard are among 19 properties citywide for which the Long Beach Successor Agency has approved sales.” captionposition=”left”] “I am looking forward to the partnership with Lab Holding and the retail success that they will bring to the North Village,” Austin said.
Specifically, Lab Holding is proposing to purchase the following properties: 5564 Atlantic; 5616- 5618 Atlantic; 5640-5648 Atlantic; 5641-5643 Atlantic; 5645 Atlantic;
5647-5649 Atlantic; 5661 Atlantic; 5701 Atlantic; and 5708-5710 Atlantic.
The properties on Atlantic Avenue include the current location of the 8th District field office at 5641 Atlantic Ave. The 8th District will be moving its field office to the Expo Arts Center at 4321 Atlantic Ave. in the coming months, Austin said.
However, Lab Holding is not the only prospective buyer with its eye on the 8th Council District.
Cherry South, LLC and MYK Properties, LLC have made offers on 306 E. Home St., a vacant parcel that is zoned for residential.
Empty storefronts on Long Beach Boulevard have garnered the interest of Brett and Mary Walker, who have made an offer of $225,000 for 5365 Long Beach Blvd. and $175,000 for 5371 Long Beach Blvd.
On the same street, Robert J. Younger dba The Younger Law Firm has made an offer of $280,000 for 5368-5372 Long Beach Blvd., property that includes the commercial building and adjacent paseo in the Virginia Village commercial corridor.
At its July 21 meeting, the Successor Agency to the former redevelopment agency (RDA) for the City of Long Beach considered offers made on former RDA properties throughout the city.
“There are 20 properties total that the Successor Agency considered on Tuesday,” said Jonathan Kraus, Austin’s chief of staff, in an interview with the Signal Tribune Thursday. “They did approve the sale of all of the 13 properties [in the 8th Council District].”
Kraus however added that, city-wide, the Successor Agency approved all sales except for one property, located in the 9th Council District at 635 E. South St.
[aesop_image imgwidth=”300px” img=”http://www.signaltribunenewspaper.com/wp-content/uploads/2015/07/RDA-properties-4.jpg” align=”center” lightbox=”on” caption=”Empty storefronts on Long Beach Boulevard have garnered the interest of prospective buyers Brett and Mary Walker, who have made an offer of $225,000 for 5365 Long Beach Blvd. and $175,000 for 5371 Long Beach Blvd.” captionposition=”center”] “The offer that was presented to them was about 25 percent below what the asking price was,” Kraus said.
According to Austin’s office, now that these sales have been approved by the Successor Agency, which consists of the city’s nine councilmembers, the transactions must now be approved by the oversight board to the Successor Agency and reviewed by the California Department of Finance before entering escrow. Upon completion of the sales, the escrow and closing fees, commission and administrative costs would be deducted. The County of Los Angeles would then distribute the net proceeds to the affected taxing agencies, with the City receiving approximately a 21-percent share.
“This is tremendous news for the revitalization of the Atlantic and Long Beach Boulevard corridors and Uptown Renaissance,” said 9th District Councilmember Rex Richardson. “These new investments will bring tremendous synergy and complement the major development projects taking place in District 9, including the new North Library and the 10-acre Atlantic Avenue master plan development.”

