SAN PEDRO, Calif. (KABC) -- West Harbor Development says the L.A. Waterfront is a $150 million project that's coming to San Pedro. The new waterfront area will break ground where the Ports O'Call Village use to be.
Co-developers the Ratkovich Company and Jerico Development have been working on this project for ten years.
The project is 43 acres and the first phase includes about 150,000 square feet of new retail, dining and entertainment space.
"Opening of the first phase, we call building 1A, will be early 2024. After that we'll follow with building 1b eight to nine months later, and after that North Park will finish out. So, it's probably about two and a half years total before we're all the way through the North Park part of the site," said Eric Johnson, President of Jerico Development.
One of the big attractions in the L.A. Waterfront will be the amphitheater which will allow 6,200 spectators. There will be an 80,000 square foot terrace lawn.
"We think it's kind of maybe filling the doughnut hole in the entertainment space that is the South Bay. Having grown up in the South Bay, everybody travels to go to someplace where they find quality entertainment. We're going to bring it right here in the heart of the South Bay in the community of San Pedro," Johnson said.
The new L.A. Waterfront will also impact downtown San Pedro.
"One of the issues for us is revitalization of downtown San Pedro in our economy and this is going to be a key aspect to that is our historic downtown. Those businesses are able to take advantage of the opportunities of new visitors coming into San Pedro," said Elise Swanson, President and CEO of the San Pedro Chamber of Commerce.
Construction will begin in a matter of months this summer. The project is estimated to be complete sometime in 2024.
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