Long Beach is getting a $40-million federal loan to help it build a waterfront extravaganza complete with aquarium, amphitheater and entertainment complex.
Secretary of Housing and Urban Development Henry Cisneros announced the loan approval Wednesday for the so-called Queensway Bay Project.
Cisneros presented a mock check to Long Beach Mayor Beverly O’Neill and congratulated local officials and business leaders at a seaside news conference for attempting to “redefine the role of Long Beach,” a city hard-hit by federal cutbacks in aerospace and military spending.
City officials hope the waterfront development will draw millions of tourists and thousands of jobs to Long Beach. The aquarium alone will cost $100 million, but the HUD loan will get the city started on the overall project by helping to build a new commercial harbor, a two-level pedestrian promenade and a seven-acre wetlands to make up for the destruction of intertidal habitat caused by harbor dredging. . . .