90802 Long Beach Local Market Update for January 2016

7-Story Current Tower downtown Long Beach 90802

As Most investors and real estate professionals reporting zip code 90802, the so call area
4 of MLS is set to be one the most vibrant area of Long Beach. A $70M, 17-Story Current Tower to Open in April of 2016. Developers of the in-construction Current Tower, which surpassed its halfway mark this past July, have officially announced at the $70M, 17-story residential tower will be open and leasing in April of next year.

The formerly empty lot that sits at Alamitos & Ocean, kitty-corner to the famed Villa Riviera, was a sight for sore eyes as the prime real estate was home to nothing but cars for years.AndersonPacific LLC, the developer leading the project, had initially proposed two towers, the Current on the west and the other—a massive 35 stories—on the east. It was initially proposed to construct the market-rate 35-story tower first but, following the economic and housing crisis of 2008, was switched, with the smaller tower breaking ground in March of 2014.

The Current will offer 223 luxury units, 6,750 sq. ft. of ground level retail space, and some 25,000 sq. ft. of plaza space that will include additional retail and amenities, as in the rendering of the plaza shown below.

Designed by San Francisco-based BAR Architects, the design is advertised by its creators as being inspired by SoCal modernists like Cliff May and Edward Killingsworth. The building, largely bisected by a tall fin, features alternating bays and terraces and multi-colored panels.

Units will be offered in four floor plans: studios, one bedrooms, two bedrooms, and penthouses. For market activities details and information for downtown Long Beach zip code 90802 click here.