Last week the Long Beach City Council approved the sale of the 10-story, mid-century City Hall East building (aka the Edison Building) to a development group that wants to convert the long-empty office building to residences. According to the Long Beach Business Journal, the future Edison Lofts will have 134 studio, one-, and two-bedroom apartments with a groundfloor cafe and live/work units. Cliff Ratkovich, who leads the group buying the building, says he hopes to "turn it into a beautiful jewel on the skyline," adding that the rehabbed building will no longer be a barrier between downtown Long Beach and the East Village Arts District. But the Long Beach Press-Telegram reports that not everyone is thrilled with the sale--the bargain price of $2.1 million has raised eyebrows, and the city would have to pay the developers $1 million if they back out of the arrangement. Another development group, which tried to buy the building for $4 million a few years back is also alleging "legal irregularities" in the deal.
· Long Beach deal for City Hall East questioned [LBPT]
· City Hall East Price Tag: $2.1 Million [LBBJ]
Filed under:
Loading comments...