Holland Partner Group has paid $24.5 million for a large development site in San Pedro, according to an announcement from real estate brokerage Madison Partners.

The 2.45-acre property, located at 550 S. Palos Verdes Street, is entitled for a mixed-use development that would feature 404 residential units atop 5,200 square feet of street-fronting commercial space.

Renderings of the project, which is designed by Nadel Architects, portray a contemporary six-story building stretching a full city block.  The mix of studio, one-, two- and three-bedroom apartments is supplemented by multiple courtyards, a roof terrace and a large underground parking garage.

Holland, based out of Washington State, has been an active developer throughout Los Angeles, and is reportedly planning a similar mixed-use project one block west at the site of the San Pedro Courthouse.

Rendering by Nadel Architects
Rendering by Nadel Architects
Image via Google Maps

From the Web

Apartments With Retail Planned West of the Grove

Low-rise building would feature 50 apartments over ground-floor commercial uses.

An auto body repair shop and two small commercial buildings located near the Grove could make way for a residential-retail complex.

Earlier today, plans were filed with the City of Los Angeles to construct a mixed-use project at 8000-8014 W. 3rd Street in the Beverly Grove neighborhood.  Plans call for a 50-unit building - including five affordable apartments - with approximately 7,250 square feet of ground-floor commercial space.