Marina Del Rey redevelopment is poised to undergo an extensive redevelopment and expansion project that will add more than 1,100 residential units to the seaside community. The development will cater to young professionals, many of whom are being drawn to the area largely through the growing number of technology businesses that are cropping up on the Westside.
The Los Angeles Business Journal reports the Marina Del Rey project had been left on the county’s backburner for more 10 years, largely due to regulatory and economic issues. However, as the housing market and overall economy began to improve—coupled with the Westside’s increase in commercial activity—a flurry of projects have received the green light to commence.
Marina Del Rey was developed in the 1960s and consists of 804 acres. The Business Journal notes that the community housed a much younger demographic during its formative years, which is something it will try and at least partially recapture in the build-out. The thought is many young professionals who are being hired to work in the new tech businesses on the Westside will want to live close to work and may find Santa Monica to be too pricey and/or congested.
Real estate agent Gary Gold is bullish on the Marina Del Rey development.
“I moved here 12 years ago and the upside potential is huge,” Gold said. “I predict Marina Del Rey prices will rival or exceed Santa Monica in the next 10 years. Google has taken a huge position in Venice with offices. The few single family homes in Marina Del Rey west of Lincoln will be highly coveted.”
In addition to the 1,100 residential units, which will begin being completed in the coming months, the project will also entail a refurbishment of Fisherman’s Village retail center and the Marina West Shopping Center. All told, there is expected to be $680 million in construction in Marina Del Rey in the coming years.
“If you go around to the different shopping centers, the demographic is definitely getting younger,” one real estate professional told the Los Angeles Business Journal. “The people I talk to like the fact that they’re young professionals that are single and wanting to go out to eat and do things in the evening. I think that will continue to energize the area.”