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.
- First Glimpse of Proposed San Pedro Development (Urbanize LA)
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- 550 S Palos Verdes Street Project (NWSPNC)