LOS ANGELES–(BUSINESS WIRE)–West Harbor, the premier 42-acre waterfront dining and entertainment destination in Los Angeles, has secured an additional $35 million in financing from Osprey Investors, a private equity firm that has already invested in the project. The project has now raised a total of $65 million in external equity for its $150 million cost, placing it in a strong position to secure favorable debt financing and reflecting significant institutional-wide confidence in the project. project.
West Harbor is ready to be a world-class destination. In its first phase of construction, West Harbor will feature renowned chef-led restaurants, a market hall, artisanal craft beers, live shows and events, and other special land and water entertainment attractions that will be announced when the project launches this summer. Additionally, a 6,200-seat outdoor amphitheater project designed by Tucker Sadler Architects is currently undergoing an environmental review in accordance with CEQA. The amphitheater is developed in partnership with the family-run Nederlander organization, founded in 1912. Nederlander is one of the largest and most respected operators of live theater and music venues in the United States, including the Pantages Theater in Hollywood.
The uniqueness of the property and strong rental activity has generated significant investor interest in West Harbor, exemplified by this equity financing. West Harbor is a collaboration between The Ratkovich Company and Jerico Development, local developers with a long history of major projects in the Los Angeles area. With this new influx of shares and top tenants including Hollywood icon Yamashiro, immersive art and light museum Hopscotch, waterfront attractions and ship operating partner Harbor Breeze Cruises and one of California’s leading craft breweries Mike Hess Brewing, West Harbor is in a class of its own as a new development in the Los Angeles and Southern California markets.
“This significant investment from Osprey Investors is another example of institutional partners’ strong interest in West Harbor,” said Wayne Ratkovich, Founder of The Ratkovich Company. “West Harbor is one of the most unique projects I’ve been involved with, and it truly is the future of waterfront dining and entertainment in Southern California. This new equity investment is a major vote of confidence in our vision for West Harbor. »
West Harbor will have an airy California industrial chic, boathouse feel befitting its location at the intersection of open space, a working harbor and a true community center. Initial tenants include Hollywood icon Yamashiro’s first-ever satellite location, as well as Mike Hess Brewing, Hopscotch, Poppy + Rose, Sugar Factory, Jay Bird’s Chicken, King & Queen Cantina, Pitfire Pizza, The Win-Dow, Olala Crepes , and Harbor Breeze Cruises offering a true full range of dining and entertainment options, which together create a unique waterfront destination in Los Angeles. As consumer habits have shifted to value open spaces and alfresco dining due to the pandemic, West Harbor’s indoor-outdoor design has served as a significant value-added amenity for restaurants, stores and d other attractions that will soon call it home.
“West Harbor’s $65 million fundraising is a significant milestone for our waterfront and for our entire community,” said Elise Swanson, president of the San Pedro Chamber of Commerce. “This level of investment in San Pedro will not only make West Harbor a true world-class dining and entertainment destination, but will boost our current business by attracting more visitors to our waterfront. Pardon the pun, but a rising tide lifts all the boats, and that’s what happens here in San Pedro.
About West Harbor
West Harbor is a modern and vibrant harborside entertainment district with a wide array of retail, dining and public attractions like no other in Southern California and beyond. West Harbor is the realization of the collaborative vision of two long-standing Southern California-based family businesses (The Ratkovich Company and Jerico Development). The project is developed in partnership with the City and Port of Los Angeles, who together redefine what the LA Waterfront can be. The inauguration of the project is scheduled for the second quarter of 2022, with a public premiere in 2023.
Like no space before it, West Harbor will juxtapose the bustling energy of a working port with the public at play, introducing an all-new destination that expands public access to the entire Los Angeles waterfront. With multiple compelling ways to arrive at their destination: from the large courtesy dock and water taxis to bike paths and subway expressways, visitors can essentially drive, cycle, walk and even navigate to the destination . West Harbor will also connect to the California Coastal Trail, seamlessly connecting the greater Los Angeles area to the destination.
Complementing this new entertainment district are businesses that are both historic and modern, including farmers’ markets and pop-ups, AltaSea (a cutting-edge marine research center and blue tech incubator) and the bustling downtown arts district. -town of San Pedro. To learn more about West Harbor and for project updates, visit WestHarborLA.com, follow @westharborlosangeles and West Harbor on Facebook.