The last time the Bank Lofts project in San Pedro was mentioned was in regards to a messy situation involving a series of lawsuits, liens and angry words between Long Beach-based developer Urban Pacific, and contractors and subcontractors. The Bank Lofts went the leasing route last fall, not entirely surprising news given that the Daily Breeze reported on the potential lease situation last April (the same story noted that Phoenix Realty Group had been added as a partner on the project). Who is running the development isn't clear, but a leasing rep says that the project is 50 percent leased; rentals are running from $1,375 per month and up, or about half of what you'd pay for living in downtown Los Angeles. The project is comprised of two different buildings: One building is at 390 West 8th Street and the other is at 407 7th Street. Meanwhile, there is a pretty damning new City Watch article out about the CRA (Community Redevelopment Agency) in San Pedro by the editor of the San Pedro – Wilmington Redevelopment News in which the CRA is accused (among other things) of taking "disingenuous information" from developers in regards to their sales numbers.
· Bank Lofts [Official Site]
· Mired in Minutia, Mediocrity and Mistakes [CityWatch]