After a protracted negotiation period, the Los Angeles Community Redevelopment Agency has approved a contract with a group of developers to build an 11-story office building--the largest in San Pedro's downtown redevelopment area.
The contract, approved at the CRA's board meeting Wednesday, calls for a 240,000-square-foot building, including 15,000 square feet of retail space, with an adjacent parking garage for 785 cars, at the corner of 6th and South Palos Verdes streets. It will be known as Pacific Place. Logicon Inc. will be its major tenant.
Construction will likely begin early next summer and must be completed by July, 1990, when Logicon is to move in, according to Gerald Grimaldi, project manager for the Beacon Street Redevelopment Project. The lead developer is Tudor-Saliba Properties of Sylmar.
The contract approved Wednesday requires the developers to build Phase II of Pacific Place on another parcel in the redevelopment area, along South Centre Street between 6th and 7th streets. Preliminary plans for Phase II call for an 80,000-square-foot building with a 250-car garage, Grimaldi said.