The LA Waterfront Alliance, comprised of development firms The Ratkovich Co. and Jerico Development, plans to have a mix of retail and restaurants on the property, along with a boutique hotel and a conference center. The alliance was selected for the negotiating agreement after the commission's five-member evaluation team reviewed eight proposals for Ports O’ Call Village.
The agreement will allow the port and the LA Waterfront Alliance to finalize the development concept during the negotiating period of 240 days, which can be extended. The developers are expected to reach out to the public for input during this period.
“We’re excited for the opportunity to work with the Port and the San Pedro community to transform Ports O’ Call Village into a vibrant, world-class destination,” said Wayne Ratkovich, president and CEO of The Ratkovich Co. in a statement.
The project will be the first major redevelopment of Ports O’ Call Village since it was built in the 1960s, said Phillip Sanfield, spokesman for the Port of Los Angeles. The village has 375,000 square feet of retail and tourism space. Already, there are a number of eateries there, such as the San Pedro Fish Market and Restaurant. Part of the goal of the redevelopment project is to make the waterfront more accessible to the public.
The port owns the village and makes revenues off of the property. The master lease at Ports O’ Call Village expires at the end of 2014, Sanfield said. Some businesses could leave the village if they don’t reach an agreement with the new developers.