The Port of Los Angeles approved a long-term lease with the developers remaking the Ports O' Call Village, bringing the long-awaited redevelopment of San Pedro's faux New England fishing village one step closer to reality.
The approval of the 50-year lease on Thursday was an expected but needed step to kick-start the redevelopment of the 30-acre project along the Los Angeles Harbor.
In March, Ratkovich Co. and Jerico Development unveiled a proposal for what will be renamed the San Pedro Public Market. They plan to demolish the current buildings and in their place, put in restaurants, fresh markets, retail shops, small offices and a waterfront promenade that would stretch more than half a mile.
"The San Pedro Public Market will be the crown jewel of the L.A. Waterfront, reflecting the history, charm, flavor and spirit of the people who have called this town home for generations," L.A. City Councilman Joe Buscaino, who represents the area, said in a statement.
Ports O' Call opened in 1962, in a former mooring area for boats on the west bank of the main channel of Los Angeles Harbor. It prospered, but in recent decades, business has fallen off. While it remains busy on weekends, it is decidedly slow during the week. As of March, 20% of its square-footage sat empty.
The developers previously said they would break ground next year. The project is expected to be completed in 2020.
The lease needs the approval of the City Council before it is finalized.