OCTOBER 26, 2006
CT REALTY CORP. ENTERS JOINT VENTURE PARTNERSHIP WITH LENNAR AND ARGOSY INVESTORS LLC
CT Realty Announces Plans for First Ground-up Condo/Retail Community
NEWPORT BEACH, CALIF. – CT Realty Corp. of Newport Beach, Calif., announced that it has entered a joint venture partnership with Lennar Orange Coast Homebuilding Division and Argosy Investors LLC, comprised of the principals of Snyder Langston, to develop the new $30 million “Pacifica at the Promenade” mixed-use community in Long Beach, Calif. The joint venture partnership is known as Lennar Long Beach Promenade Partners LLC.
According to Robert M. Campbell, president of CT Realty, the company has teamed up with SL Residential Inc. (SLRI), a company that builds high density and mixed-use residential communities, and the Orange Coast Homebuilding Division of Lennar to develop 62 condominium units and 5,161 square feet of retail space in downtown Long Beach. Pacifica at the Promenade is located at 200 E. Broadway Ave. on the southeast corner of East Broadway Avenue and the Promenade approximately two blocks north of West Ocean Boulevard.
The new community, only a block away from Pine Avenue with its eclectic mix of dining and entertainment venues, is just minutes from the beach, Long Beach Convention Center, Performing Arts Center, Long Beach Aquarium and the Queen Mary. A Blue Line transit stop is also located nearby.
SLRI, which is building the community, broke ground on Pacifica in May. The mixed-use property will be a five-story structure with one level of subterranean parking for residents and ground-level parking for retail customers. Pacifica will encompass four levels of flats and townhomes constructed over 5,161 square feet of ground-floor retail and building lobby space. Six floorplans will be offered ranging from 708 square feet to 2,276 square feet with prices starting in the low $400,000’s. Projected to open in January 2007, a Pacifica interest list is now available at www.pacificalb.com.
For 12-year-old CT Realty, Pacifica marks the company’s first new, ground-up condominium community.
“Downtown Long Beach is evolving into one of Southern California’s most exciting coastal areas and we look forward to being involved in that renaissance,” Campbell said. “Pacifica at the Promenade – with its outstanding pedestrian orientation and access to mass-transit systems and major freeways – will be an attractive address for people commuting to Los Angeles or Orange County. The community also offers us the opportunity to partner with Lennar, one of the biggest, most respected builders in the United States, and SL Residential, one of the region’s premier general contracting firms.”
Campbell said that the joint venture partnership will also improve an existing amphitheater located adjacent to the Pacifica site, as well as a portion of the promenade located near the property.
CT Realty provided equity financing for its Pacifica investment through CT’s California Fund V. Architectural services for the new community are being provided by Withee Malcolm Architects, LLP, of Torrance, Calif., with Irvine, Calif.-based Hunsaker & Associates serving as the civil engineer.
About SL Residential Inc.
SL Residential Inc. (SLRI) builds high density and mixed-use residential communities and provides development and design management, program management and construction services. To date, SLRI has constructed both for-sale and for-lease communities, and its mission is to become the premier builder of high-density residential properties in the Southland’s five-county region.
About CT Realty
Since its establishment in 1994, Newport Beach, Calif.-based CT Realty Corp. has completed more than 140 transactions totaling more than $2 billion, which includes acquisitions, sales, development and redevelopment. In addition, the company provides development equity financing through strategic partnerships with developers in the Southwest. The focus of CT Realty’s investment activities is to acquire well-located assets with the potential to enhance their value through a solid, hands-on approach. Asset types are industrial, suburban office, retail, mixed-use, multi-family, senior housing, golf course and self-storage properties primarily in the purchase range of $5 million to $75 million.
About Lennar
Lennar Corp., founded in 1954, is headquartered in Miami, Fla., and is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and retirement homes in communities that cater to almost any lifestyle, including urban, golf course, active adult or suburban communities. Lennar is currently building homes in 20 states in some of the finest markets in the nation.
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NEWPORT BEACH, CALIF. – Newport Beach, Calif.-based CT Realty Corp. announced that it has entered into a joint venture partnership with Lennar Orange Coast Homebuilding Division and Argosy Investors LLC, to develop the new $30 million “Pacifica at the Promenade” mixed-use community in Long Beach, Calif. The joint venture partnership is known as Lennar Long Beach Promenade Partners LLC. Pacifica at the Promenade, located at 200 E. Broadway Ave. near the Long Beach Convention Center, Long Beach Aquarium and the Queen Mary, will offer 62 condominium units and 5,161 square feet of retail space in downtown Long Beach. Construction is now under way, with a projected opening of January 2007.
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