SAN PEDRO PUBLIC MARKET SECURES $30 MILLION IN FINANCING FOR LA WATERFRONT PROJECT
San Pedro Public Market (SPPM), the $150 million food, entertainment, and recreation destination planned on 42 acres along the main channel of the Port of Los Angeles, announced that it has secured $30 million in equity financing from Washington State-based Osprey Investors.
With its equity financing in place, SPPM will complete the design and permitting process and proceed with its scheduled February 2020 groundbreaking, provided the Los Angeles Board of Harbor Commissioners approves the equity investment in early July. With the Harbor Commissioners’ approval, the San Pedro Public Market could celebrate its grand opening as early as 2021.
Osprey Investors joins The Ratkovich Company and Jerico Development in their commitment to making SPPM a must-visit LA destination. The project will include restaurants, shops, a market hall, year-round events, playgrounds, parks, courtesy slips, public promenade and more—all directly on the waterfront of the busiest port in North America. SPPM has also entered into an Exclusive Negotiation Agreement with Nederlander Concerts Los Angeles to explore the development of a 6,000-seat outdoor concert/entertainment venue.
“Osprey Investor’s equity contribution is a critical milestone in our commitment to deliver the centerpiece of the LA Waterfront’s transformation. The addition of Nederlander’s landmark concert venue will showcase the unique beauty of San Pedro and make the LA Waterfront a top Southern California cultural attraction,” said Wayne Ratkovich, whose Ratkovich Company is developing SPPM in partnership with San Pedro-based Jerico Development.
Alex Hodges, CEO of Nederlander Concerts said, “We are excited by the prospect of creating a unique concert venue, which will bring top musical talent, shows, and events to the first waterfront venue of its kind in Southern California, giving the San Pedro Public Market and the LA Waterfront worldwide notoriety.”
“This financing will bring San Pedro Public Market, the LA Waterfront's newest economic driver, another step closer to reality. This project has already been a major catalyst for investment into San Pedro, and this new financing will continue to incentivize even more investment. "
-LA City Councilman Joe Buscaino
Jonathan Williams, CEO of the nonprofit Pacific Battleship Center which operates the USS IOWA Museum, has proposed relocating the Battleship to the south end of the development in the area of an existing fueling dock, which is expected to move out in the next 12 months. “Our move is a key part of a long-held desire of the local business community to connect LA’s waterfront attractions in one concentrated area that can expand over time, creating the critical mass necessary to attract regional, national and international visitors for a multi-day experience,” Williams said. “We are excited at the potential synergy between San Pedro Public Market and the Battleship IOWA.”The Pacific Battleship Center is currently pursuing community support for the move through the Port’s Public Access Investment Plan prioritization process while concurrently fund raising for the establishment of the nation’s first Surface Navy Museum on board the ship.