In response to a troubled real estate market, developers of the $1-billion Pike project in Long Beach say they have decided to make the first phase of the beachside development mostly residential units and retail stores.
Original plans for office and hotel space have been virtually eliminated from the first phase of the 3-million-square-foot project--the largest private development in the city's history--to be built at the site of the old Pike amusement park on Ocean Boulevard. The property is today a blighted patchwork of vacant lots.
"Even though we are in a challenging real estate market, our partnership is committed to this development," said Wayne Ratkovich, managing partner for Pike Properties Associates. "We intend to provide an enriching urban environment on a beautiful coastal site that is now linked to downtown Los Angeles by the Blue Line."
The master plan for the 13-acre historic property has been approved by the City Council and the California Coastal Commission. Construction of the first of several phases is scheduled to begin this year.