The Congressional Place office complex will soon make way for a residential building after the recent sale of the complex to Holland Partner Group. The building was sold by ValueRock Realty, an Irvine based real estate firm. The two-story, 73,769 square foot complex sold for $41 million.
Newmark Group represented the seller and its Senior Managing Director, Chris Benton, said in a release that the building received a lot of investor interest. It’s location, area demographics and the increase in multifamily demand of the region made it an attractive aquistition, Benton said.
“We greatly support the City of Long Beach’s vision of redevelopment and are excited to selected Holland and Invesco to develop this property,” said Dennis Vaccaro, Senior Vice President of ValueRock Investment Partners.
Holland Group, headquartered in Vancouver, Washington bills itself as a premier developer of “core urban infill residential and mixed-use trophy communities.” Among their local developments are the Sophia mid-rise complex in Los Angeles and the Angelene mid-rise in West Hollywood. Clement Tsay, a Holland representative in their Long Beach office said there are no solid plans for the Congressional location just yet.
“We’re still in the preliminary stages of our conceptual design and are working closely with the City of Long Beach Planning to ensure that our project meets the goals of the recently adopted South East Area Specific Plan,” Tsay said.
The city’s land-use guidelines currently limit development of the plot to five stories. Reports have said the plans are likely to include ground floor retail with residential units above. Holland Group was part of the development of the Volta project in Long Beach.
