Ensemble Selected as Developer for Multifamily Parcel by City of Long Beach
Article orginally posted on the Long Beach Post
The City of Long Beach continued to purge its former redevelopment property holdings Tuesday night as the city council approved another site for purchase, this time greenlighting a $6 million sale of the property located at the northeast corner of 3rd Street and Pacific Avenue to an Arizona developer.
The site’s buyer, Ensemble Investments LLC, is currently proposing to build an 18-story tower along with a smaller 7-story mid-rise building that would include a mix of residential, amenities and retail space that is expected to create over 1,500 permanent and temporary jobs. Right now, the space holds public and city parking lots and could see a significant increase with a development of the space as it will provide property tax revenue that is currently not generated.