LOS ANGELES BOARD OF HARBOR COMMISSIONERS APPROVES 50-YEAR LEASE FOR NEW SAN PEDRO PUBLIC MARKET
SAN PEDRO, Calif. – May 19, 2016 – The Los Angeles Board of Harbor Commissioners has approved a 50-year lease for the new San Pedro Public Market on the site of the current Ports O’ Call Village. The lease approval represents a key step toward the first comprehensive redevelopment of the 30-acre site since its original development in the 1960s.
"We have dreamed for decades of an LA Waterfront that brings our entire City together — a place where families, friends, and neighbors can gather to eat, stroll, shop, and enjoy the water," said Mayor Garcetti. "Today, I am proud to say that we don't have to imagine it anymore. With the signing of this lease, we bring these long-awaited plans to life and commit ourselves to the vision of a world-class waterfront in Los Angeles."
"Building the San Pedro Public Market is a key component in our ongoing, broader plan to revitalize and reenergize the LA Waterfront, and improve ocean-side access for both locals and tourists," said Ambassador Vilma Martinez, who serves as president of the Los Angeles Harbor Commission.
The first phase of the proposed $150 million revitalization project will include 16 acres of restaurants, shopping, fresh food markets and creative office space, outdoor gathering areas, as well as a half a mile of waterfront promenade. The developer of the private investment project is the San Pedro Public Market LLC, a partnership of The Ratkovich Company of Los Angeles and Jerico Development of San Pedro. The name change from Ports O’ Call Village to the San Pedro Public Market was revealed by the developers in March.
"Having a lease agreement approved by the Harbor Commission is an important step forward in this long awaited transformation to LA’s waterfront. We want to thank Mayor Eric Garcetti, Councilman Joe Buscaino and the Harbor Commission for their commitment to this project," said Wayne Ratkovich, on behalf of the San Pedro Public Market. "We look forward to securing our final approvals and breaking ground on the San Pedro Public Market."
"The San Pedro Public Market will be the crown jewel of the LA Waterfront, reflecting the history, charm, flavor and spirit of the people who have called this town home for generations," said Los Angeles City Councilmember Joe Buscaino, who represents the Port and its surrounding communities. "The ripple effects and momentum from this project will transform the entire Harbor Area into one of Los Angeles’ best communities."
The Port’s obligations under the approved lease include the construction of four public access infrastructure projects: the Sampson Way and 7th Street Intersection Improvements; the Town Square at 6th Street project; the Ports O’ Call Promenade project and the public access dock project for recreational boater use. To date, the Port has invested $600 million in public access and community projects like Wilmington Waterfront Park, the Harbor Blvd. Parkway Promenade, Downtown Harbor and the renovations of Cabrillo Way Marina. It expects to invest $400 million in public access over the next 10 years.
The 50-year lease agreement must next be approved by the Los Angeles City Council. The expected completion date of the redevelopment is 2020.
The Port of Los Angeles is America’s premier port and has a strong commitment to developing innovatively strategic and sustainable operations that benefit Southern California’s economy and quality of life. North America’s leading seaport by container volume and cargo value, the Port of Los Angeles facilitated $270 billion in trade during 2015. Port operations and commerce facilitate more than 133,000 jobs (about one in 14) in the City of Los Angeles and 479,000 jobs (or one in 18) in the five-county Southern California region. The San Pedro Bay Ports support nearly 1 million California jobs and 2.8 million nationwide.