Acqua Via at San Pedro
SAN PEDRO COURTHOUSE REDEVELOPMENT
Genton Cockrum Partners was selected to redevelop the San Pedro Courthouse by the County of Los Angeles in a competitive request for proposal process in late 2018. Since then, entitlements have been secured to develop 300 apartments over approximately 30,000 square feet of ground floor retail space and approximately 500 parking spaces.
Permits with the City of Los Angeles to start construction are expected to be in place in the summer of 2023.
Project financing includes a single property opportunity zone fund and construction union pension funds.
Genton Cockrum Partners is providing development, investment management, asset management, entitlement, property management, construction management, and hospitality services. Ground floor retail space has been leased to a developer affiliate, Palio Hospitality, to be primarily operated as a food hall with 14 separate food offerings and open when the building is completed. The property will be managed by developer affiliate, Genton Cockrum Property Management.
The project will be constructed with 100% construction union labor, include 20% affordable housing and fund $1 million primarily for County of LA onsite art installation.
“We look forward to working with Genton Cockrum Partners and the County of Los Angeles, and appreciate their commitment to building mixed-income housing, and building it with 100 percent union labor,” said Ted Chandler, Chief Operating Officer of the AFL-CIO HIT. The AFL- CIO HIT is a $5.8 billion mutual fund that has financed more than 110,000 units of union-built housing across the country.