The Los Angeles County Board of Supervisors Tuesday approved a lease-purchase option for the former San Pedro courthouse site, clearing the way for a housing development.
Genton Cockrum Partners has proposed a mix of market-rate and affordable housing and first-floor retail space in an eight-story project totaling 336,514 square feet at 505 S. Centre St.
The plan envisions 300 apartments with a minimum of 20% set aside for households with gross income of no more than 80% of the area median income. A grocery store or food hall is planned as part of the retail component.
The developer’s option will expire Dec. 31, 2022. The proposed ground lease would have a 66-year term with rent of $15,665 per month net of a rent credit. The developer would also have a right to purchase the site for $12 million minus any cumulative rent paid at the time that option is exercised.
The county put out a request for proposals for the site back in 2016, but failed to come to terms with the recommended developer and reissued a new call for proposals in 2018.