San Pedro will at last witness the completion of the 42-acre waterfront development known as West Harbor thanks to an infusion of $61.5 million from Oceanview Life and Annunity Company, an affiliate of Bayview Asset Management. The recapitalization funding for the $500 million dollar project comes as several portions of West Harbor are already active and open to the public, including a tea bar and daily Surrey bike rentals.
When complete, the project, which is located at 612-1422 South Harbor Street, will boast 117,205 square leasable feet, a ferris wheel, a 6,200 square foot 500-seat amphitheater, and one mile of direct waterfront access. The “experiential retail project” is currently 80% pre-leased, and is located at the southern terminus of the 110 freeway.
Previously, 15 acres of the development had been occupied by Ports O’Call, a cobblestone-lined tourist attraction developed in 1963 that was anchored by numerous restaurants, retail outlets, and also served as a departure point for whale-watching tours. One of the restaurants at the Ports O’Call, San Pedro Fish Market and Restaurant, has signed a 49-year lease with the West Harbor development for a 55,000 square foot space that will be able to serve 3,000 diners at a time. According to the L.A. Times, the San Pedro Fish Market is currently operating in temporary outdoor quarters in the parking lot next to its former location.
Newmark Executive Vice Chairman Bill Fishel, Directors Alethia Halamandaris and Wyatt Strahan, and Associates Anna Sporrong and Broderick Flagg arranged the refinancing on behalf of the city of Los Angeles, the Port of Los Angeles, Jerico Development and The Ratkovich Company.
“The incredible outcome we achieved here belies the decade-plus of work by the Port of San Pedro and the Jerico and Ratkovich teams alongside the thoughtful, differentiated approaches of both Bayview and Petros, pairing existing PACE, bridge and new PACE financings to elegantly effectuate a new waterfront experience for the region,” Fishel explained in a press release.
