Los Angeles Opportunity Zone Project Breaks Ground

Mountain Pacific Opportunity Partners plans to deliver the multifamily and retail development in summer 2022.
336 W. Seventh St. Image courtesy of Mountain Pacific Opportunity Partners

Mountain Pacific Opportunity Partners has broken ground on 336 W. Seventh St., a $14 million mixed-use project near Los Angeles. The company expects the 34-unit development to deliver in summer 2022.

Located within an Opportunity Zone in San Pedro, Calif., the five-story building’s unit mix will include one-, two- and three-bedroom apartments in addition to two-story one-bedroom penthouse units with a den. The structure’s ground floor will have two spaces targeted at retail tenants. The property will offer a range of amenities, from an outdoor terrace on the fifth floor to a fitness center and open courtyard.

The 0.3-acre development site, previously home to a 1,200-square-foot building housing a salon, is in one of the main retail districts of central San Pedro, 22 miles south of downtown Los Angeles and 6 miles west of Long Beach.

Joan Kramer, co-founder & partner of Mountain Pacific, told Multi-Housing News that the area is an attractive location for the project, as there are “many new retail, mixed-use and residential developments happening in San Pedro. … Additionally, the proximity to the Port (of Long Beach) provides a healthy employment driver.”

In addition to development, Mountain Pacific has invested more than $300 million in real estate, primarily targeting value-add assets within Opportunity Zones. As the COVID-19 pandemic continues to hit the multifamily sector, Kramer suggests Opportunity Zones could attract more investment as other types of tax-deferred deals become harder to find.