Long Beach
City officials have agreed to give a developer a low-interest, $381,000 loan to turn a mostly abandoned 1903 building into a commercial center.
The developer of the project, renovation of the Masonic Temple at 228 Pine Ave., is eligible for a federal commercial rehabilitation loan because it will result in about 90 new jobs and restore a deteriorating building, said James Garcia, city economic development specialist.
Such loans are funded by the Department of Housing and Urban Development. The 15-year loan to owner-developer Lloyd Ikerd will be at 7% interest.
Ikerd intends to build shops and offices in the gabled brick building, which on Tuesday was designated a local historic landmark by a unanimous vote of the City Council.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
