LONG BEACH, Calif. (PRWEB) April 18, 2018
The Ocean Center Building in downtown Long Beach, California, has been purchased by Pacific6, a locally-based community investment and development partnership, with plans to convert the historic office building into a residential property.
Opened in 1929 and located at the corner of Ocean Boulevard and Pine Avenue, the Ocean Center Building was designed by architect Raymond M. Kennedy, who also designed Grauman's Chinese Theater in Hollywood. The 14-story, 197-foot-tall building was once part of the Pike Amusement Zone and its famous "Walk of a Thousand Lights." It included space for nearly 200 office suites, a parking garage for 160 cars, several rooftop terraces, and unique retail areas including a penny arcade and an indoor, 12,000-square-foot miniature golf course.
The building is currently vacant and different adaptive reuse projects have been revealed and stalled in recent years, with some interior demolition and preservation of historic features already completed. Pacific6 acquired the building for $18 million and plans to develop approximately 70-80 housing units on the upper floors, along with a renovation of the existing lower level retail spaces, while also preserving community access to the building's architecturally-significant public spaces.
"We are fortunate that two outstanding experts have already completed much of the preservation planning for the reuse of the Ocean Center Building: Michael Bohn of Long Beach-based Studio One Eleven, in partnership with David Gray Architects," said Pacifc6 Founding Partner John Molina. "Thanks to the renovation roadmap they created for the building during a past redevelopment effort, we will be able to quickly put their plan into reality, while creating critical local housing, enhancing the famous intersection of Ocean and Pine, and preserving one of the most significant buildings in Long Beach."
In November 2017, Pacific6 completed the acquisition of the currently-closed Breakers Hotel, also in Downtown Long Beach, with the nearly 100-year-old landmark building under renovation into a boutique destination hotel. Beyond the purchase of the Breakers Hotel and the Ocean Center Building, Pacific6 has project investment plans underway in several industries, with announcements on the broader project portfolio planned throughout 2018.
# # #