2 Firms Selected to Develop Land

Two firms have been chosen by the Community Redevelopment Agency to develop the two remaining parcels of land in the 60-acre Beacon Street Redevelopment project.

Tutor-Saliba Properties and Inter Ocean Development Co. will work together on the $60-million project, which will include at least two high-rise buildings containing 600,000 square feet of office space as well as 10,000 square feet of retail and parking space.

In addition to the two office buildings, a high-rise hotel is also planned for the redevelopment project. Construction on that project is scheduled to start this summer.

The redevelopment area overlooks the main channel of the Port of Los Angeles and is bordered by 2nd and 3rd streets on the north, Mesa and Center streets on the west, 5th and 7th streets on the south, and the Southern Pacific Railroad right-of-way on the east.