LOS ANGELES--(BUSINESS WIRE)--West Harbor, the first-of-its-kind 42-acre new ground-up dining and entertainment destination on the Los Angeles Waterfront, has secured an additional $35 million in equity financing from Osprey Investors, a private equity firm that has previously invested in the project. The project has now raised a total of $65 million in outside equity toward its $150 million cost, putting it in a strong position to secure favorable debt financing and reflecting significant, institutional-scale confidence in the project.
West Harbor is primed to be a world class destination. In its first phase of construction, West Harbor will introduce renowned chef-driven restaurants, a market hall, artisan craft beers, live entertainment and events, as well as other special land and water based entertainment attractions to be announced when the project breaks ground this summer. In addition, a proposed 6,200-seat outdoor amphitheater designed by Tucker Sadler Architects is currently undergoing environmental review in accordance with CEQA. The amphitheater is being developed in partnership with the family owned 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 Theatre in Hollywood.
The uniqueness of the property and strong leasing 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 significant projects throughout the Los Angeles region. With this new influx of equity and A-list tenants, including Hollywood icon Yamashiro, immersive light and art museum Hopscotch, waterside attractions and vessel operations partner Harbor Breeze Cruises, and one of California’s premier craft breweries Mike Hess Brewing, West Harbor is in a class by itself as a new, ground-up development in the Los Angeles and Southern California markets.
“This significant investment from Osprey Investors is another example of the strong interest from institutional partners in West Harbor,” said Wayne Ratkovich, Founder, The Ratkovich Company. “West Harbor is one of the most unique projects I have been involved with, and it is truly the future of waterfront destination 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 port and a true community hub. Initial tenants include the first-ever satellite location of Hollywood icon Yamashiro, 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 providing a true, full spectrum of dining and entertainment options, which together create a uniquely Los Angeles waterfront destination. As consumer habits have shifted to value open space and outdoor dining due to the pandemic, West Harbor’s indoor-outdoor design has served as a significant value-add amenity for restaurants, stores and other attractions soon to call it home.
"West Harbor's $65 million in equity raised is a milestone for our waterfront—and 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 businesses by bringing more visitors to our waterfront. Forgive the pun, but a rising tide lifts all boats, and that is what is happening here in San Pedro.”
About West Harbor
West Harbor is a modern and vibrant harbor-side entertainment district featuring a broad array of retail, dining, and public attractions unlike any other in Southern California and beyond. West Harbor is the realization of the collaborative vision of two long-standing Southern California-based, family-owned businesses (The Ratkovich Company and Jerico Development). The project is being developed in partnership with the City and Port of Los Angeles, who together are redefining what the LA Waterfront can be. Groundbreaking for the project is anticipated in the second quarter of 2022, with a public debut 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 entirely new destination that expands public access to the entire LA Waterfront. With multiple, compelling means of arriving at the destination: from the large courtesy dock and water taxis to bike paths and Metro's Express Lanes, visitors can essentially drive, bike, walk, and even sail to the destination. West Harbor will further link to the California Coastal Trail, seamlessly connecting the greater Los Angeles region to the destination.
Complementing this new entertainment district are nearby businesses both historic and modern, including farmers' and pop-up markets, AltaSea (a cutting-edge marine research center and blue tech incubator), and the vibrant Downtown San Pedro Arts District. To learn more about West Harbor and for updates on the project, visit WestHarborLA.com, follow @westharborlosangeles and West Harbor on Facebook.