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State | REAL ESTATE | THE STATE

Koll, Westrec Chosen for L.A. Port Project

September 23, 1997|Jesus Sanchez

Koll Real Estate Group and Westrec Marinas have been selected to build and operate a $50-million marina and shopping complex under a tentative agreement with the Port of Los Angeles. The 80-acre project, which would replace a group of older marinas in Watchorn Basin, will eventually provide space for about 1,700 boats in the marina and in a storage facility. In addition, restaurants, stores and a club facility would be built on adjacent property. Construction of the project, which would be located east of the existing Cabrillo Marina, is expected to begin in late 1999. The city of Los Angeles will receive a portion of the rents under a proposed 50-year lease with Koll and Westrec, said Mark Richter, assistant director of property management for the port. Port officials and the developers, which are based in Newport Beach, must still reach a definitive development agreement and win other government approvals.

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