The Long Beach Redevelopment Agency has voted to acquire the Landmark Building, after 14 months of negotiations with the owner failed to yield a development agreement for reasons that were not disclosed.
The owner, Investments Ltd., a Beverly Hills partnership, had been negotiating to develop the block northeast of Ocean Boulevard and Pacific Avenue with office buildings, said Roger Anderman, assistant executive director of the Redevelopment Agency.
The agency will have the 12-story Landmark Building appraised and make an offer on it this week, Anderman said. If Investments Ltd. does not accept, the agency has the authority to acquire the property by condemnation.
The Redevelopment Agency already owns two parcels on the block, and is in escrow on five others, Anderman said. With acquisition of the Landmark Building, the agency will own all of what Anderman calls "the premium remaining office block on Long Beach Boulevard." City officials would like to see the property developed with parking, ground-floor retail and office buildings, Anderman said.