12/26/2023 0 Comments Neptunes nest marina del reyLocations north of Los Angeles do not offer wide beaches, but rather numerous coves and cliffs, such as, for example (2) Sequit Point, at Leo Carrillo State Beach, where the opening sequences of the musical “Grease” (1978) were filmed. Malibu has become famous in recent decades thanks to its VIP newcomers, who, have had fabulous homes built above its sheer cliffs. In the legendary “Point Break,” which chronicles the criminal exploits of a gang of surfers, FBI agent Johnny Utah (Keanu Reeves), tries to infiltrate the California surfing world through the beautiful Tyler Endicott (Lori Petty), who works at Neptune’s Net. Two types of cuisines can be found here: the “Restaurant Side,” which offers fried seafood and bottled drinks to eat in or take-out, or, the “Seafood Side,” which offers the freshest seafood and craft beer on tap for the discerning customer. This venue, located in the legendary Malibu location at 42505 Pacific Coast Highway, is now an established brand, complete with an in-house shop selling souvenirs for tourists. Filming Locations in Santa Monica and VeniceĪmong the many coastal restaurants immortalized in the long history of Hollywood cinema is (1) Neptune’s Net, which appeared in 1991’s “Point Break” and, in 2001, in the first of the “The Fast and The Furious” films.Questions about the Neptune Marina project can be directed to Don Geisinger of the county’s Department of Beaches and Harbors. Other Marina del Rey projects green-lighted by county officials included Anchorage 47, Mariners Bay and Pier 44. Extending the construction completion date would cost Legacy Partners another $150,000. The leasehold interest provided Legacy Partners with two six-month options each option requires a $50,000 payment to the county. Supervisors approved a series of grant options for Legacy Partners in December 2015. The Neptune Marina project earned the backing of the Small Craft Harbor Commission in 20. Meanwhile Greystar has $4.3 billion worth of projects currently under construction, according to county staff. The firm owns and operates 62 communities and more than 13,000 units. Its current portfolio in Southern California represents about $725 million in development costs. Legacy Partners, founded in 1970, is a privately held real estate investment management and development company. The Final Environmental Impact Report was issued in February 2010 and concluded the project, when completed, would result in several hundred more people living on Marquesas Way and contributing to the population growth of Marina del Rey. Those apartments and slips are slated for demolition, however, as the county and Legacy Partners prepare to renovate the marina and surrounding neighborhood with 161 slips, 526 apartment units, a public promenade, docks, a wetlands park, and a boating venue capable of accommodating vessels up to 40 feet in length.Ī transient and water taxi slip also could be added to the renovated Neptune Marina. Neptune Marina is currently home to 136 apartments and 182 slips. “The participation fee is currently expected to be approximately $348,000, representing 10 percent of the $3,478,000 that Legacy has realized as profit from the assignment.” “If the leasehold and the option agreement are assigned, the county is entitled to receive a participation share equal to the greater of: 2 percent of the or 10 percent of the net transfer proceeds,” county staff said. Los Angeles County will be able to participate in the sale proceeds, according to its agreement with Legacy Partners. Prudential would provide $131 million in equity financing, while Legacy and Greystar committed to cover the remaining $5 million.Ī representative from Legacy Partners informed supervisors late last year the Neptune Marina redevelopment could carry a price tag of $255 million. The Neptune Marina redevelopment is expected to cost $302 million, with a majority of the financing – $166 million – coming from a Bank of America loan. Greystar Development, which manages 410,000 rental units across the country, was dubbed as the project’s co-developer and guarantor. Prudential Investments agreed to become an equity partner on the project, while Bank of America will finance construction. Supervisors approved the leasehold interest after Legacy Partners revealed its financing plan to redevelop Neptune Marina, which is located on the western half of Marina del Rey. 4 as the Los Angeles Board of Supervisors granted the development firm a lease interest for Marina del Rey’s Neptune Marina. LOS ANGELES - The planets aligned for Legacy Partners on Oct. Redevelopment plans are expected to cost $302 million.
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