Long Beach : Phase 1 of Pike Project Cut Back Due to Tight Economy

A massive development project planned for the site of the old Pike amusement park in Long Beach would have relatively modest beginnings under designs released this week.

In further evidence of the soft economy and tight financial market, Pike Properties Associates has trimmed its plans for the project’s first phase to 310 condominiums and 15,000 square feet of retail space. In June, the company was talking about building 350 condo units. And original plans called for Phase 1 construction to begin last year on 200,000 square feet of office space, 200 hotel rooms, and 30,000 square feet of retail and restaurants, as well as 200 residential units.

But as Pike developer Bruce Hart, noted, “the financial markets have changed. The lenders are only interested in residential and appear to have scaled back the size of the projects that they will look at.”

Under the latest plans, Pike Properties, a venture of the Ratkovich Co. and Enterprise Development West Inc., would begin construction next fall on three condo buildings on a three-acre site at the corner of Pine Avenue and Ocean Boulevard, across from City Hall.

In contrast to more expensive condo projects under way elsewhere on Ocean Boulevard, the Pike units will cost between $130,000 and $350,000. “We feel it’s a niche that needs to be filled,” said Hart.