Ratkovich Company’s Wayne Ratkovich and a rendering of the San Pedro Public Market
The Ratkovich Company and Jerico Development have secured $30 million to go toward the development of the sprawling San Pedro Public Market project.
Osprey Investors provided the latest funding, according to the Daily Breeze.
The money will cover the design and permitting process for the long-planned, 30-acre project, which is expected to cost $150 million.
Construction is set to begin early next year with a scheduled 2021 opening of the first phase of the development.
The proposal is for 300,000 square feet of commercial space, including a food hall and smaller shipping container restaurants. There will also be public green and pier space.
Ratkovich and Jerico announced the financing on Monday in tandem with the announcement of plans to partner with Nederlander Concerts Los Angeles to add a 6,000-seat outdoor concert venue to the site.
The San Pedro Public Market is being developed on land owned by the Port of L.A. and has been in the works for over a decade.
It’s been contentious in the harborside community because it will replace the Ports O’ Call Village, a restaurant and shopping center built in the 1960s that became a local mainstay.
In 2017, more than a dozen Ports O’ Call Village shop owners filed claims with the city against the Port of L.A. to block their eviction. [Daily Breeze] — Dennis Lynch