San Pedro preps for new midrise apartment development near waterfront
Demolition begins this week on a downtown San Pedro block that will be transformed into a seven- story apartment building that many hope will boost patronage for area shops, restaurants and the waterfront now beginning to take shape. Officials will mark the start of demolition at an informal groundbreaking at 9:30 a.m. Thursday at 550-560 S. Palos Verdes St . A more formal ceremony will be held in the coming weeks, according to the developer. Demolition is expected to take about a month and construction of the new 375-unit building should be complete in about three years, with the opening anticipated for 2020. It’s one of several residential developments planned to be built in and around the downtown San Pedro area over the next few years. Originally under the hands of Omninet Capital, the project was sold to Holland Partner Group in June for $24.5 million. Holland also is in exclusive negotiations to redevelop San Pedro ’s closed county courthouse just blocks away. Fewer, bigger...