Los Angeles Opportunity Zone Project Breaks Ground
- Jul 23, 2020
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.