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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

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125-Unit Affordable Housing Development Completed in Westlake

LINC Housing Corp. built the $57-million project.
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LINC Housing has completed construction of Mosaic Gardens at Westlake, a new affordable housing community located just west of Downtown Los Angeles.

The $57-million development rose from a long-vacant lot at the corner of Beverly Boulevard and Lucas Avenue, and consists of a six-story building featuring 125 one-, two-, and three-bedroom apartments serving the formerly homeless, low-income families, and seniors.  Rents in the building are set between $398 and