The Los Angeles Board of Harbor Commissioners has approved a 50-year lease for the new San Pedro Public Market on the site of the current Ports O’ Call Village. The lease approval represents a key step toward the first comprehensive redevelopment of the 30-acre site since its original development in the 1960s.
“We have dreamed for decades of an L.A. Waterfront that brings our entire City together — a place where families, friends, and neighbors can gather to eat, stroll, shop, and enjoy the water,” said Mayor Garcetti. “Today, I am proud to say that we don’t have to imagine it anymore. With the signing of this lease, we bring these long-awaited plans to life and commit ourselves to the vision of a world-class waterfront in Los Angeles.”
“Building the San Pedro Public Market is a key component in our ongoing, broader plan to revitalize and re-energize the LA Waterfront, and improve ocean-side access for both locals and tourists,” said Ambassador Vilma Martinez, who serves as president of the Los Angeles Harbor Commission.
The first phase of the proposed $150 million revitalization project will include 16 acres of restaurants, shopping, fresh food markets and creative office space, outdoor gathering areas, as well as a half a mile of waterfront promenade. The developer of the private investment project is the San Pedro Public Market LLC, a partnership of The Ratkovich Company of Los Angeles and Jerico Development of San Pedro. The name change from Ports O’ Call Village to the San Pedro Public Market was revealed by the developers in March.
The 50-year lease agreement must next be approved by the Los Angeles City Council. The expected completion date of the redevelopment is 2020.