GARDENA, Calif., May 23, 2022 (GLOBE NEWSWIRE) -- Cityview, a vertically-integrated multifamily investment management and development firm, officially broke ground on its new multifamily development, South Bay X, today with the City of Gardena and Gardena Mayor Tasha Cerda. Acquired in partnership with Stockbridge, South Bay X is a fully entitled development opportunity for sustainable multifamily housing in Gardena, CA. Featuring 265 workforce units with a combination of studio, one- and two-bedroom apartments ranging from 510 to 1,197 square feet, South Bay X lies adjacent to a growing number of tech employers including a SpaceX, the Tesla Design Center and Ring, and sits within 5 miles of more than 260,000 jobs.
“With so many new employers coming to the South Bay neighborhood, South Bay X is an essential and welcome addition to our community that will ensure continued economic growth for the City of Gardena,” said Gardena Mayor Tasha Cerda. “We’re grateful for Cityview’s expertise in sustainable multifamily development and knowledge of the surrounding area as our community grows. We look forward to continued collaboration with this highly experienced team as we bring to life our shared vision of quality sustainable housing in this high-growth, transit-oriented neighborhood.”
The groundbreaking event featured public remarks from CEO Sean Burton, Mayor Tasha Cerda, Councilmember Kaskanian and various city department leaders and dignitaries in support of South Bay X for the additional housing and quality jobs it will provide to fortify Gardena’s booming economy. It was a celebration of local life in Gardena, as the Gardena High School Band performed for attendees, led by Rekesha Dennis, teacher and auxiliary coordinator, and Scott Suyama, teacher and band director for Gardena High School. South Bay local private chef, Chef Q, fed the community, and Black Flour Crepes indulged the crowd’s sweet tooth. Upon groundbreaking, a time capsule was also buried onsite containing the day’s issue of the LA Times, the most recent issue of Gardena Valley News, a Gardena High School pom and a Gardena High School drumstick.
“With its unique culture and burgeoning job market, the City of Gardena is quickly becoming an epicenter for young professionals in the tech, aerospace, automotive and ecommerce industries, and we are excited to do our part to provide much-needed workforce housing to this vibrant community,” said Sean Burton, CEO, Cityview. “This community has been incredibly warm and welcoming, and we’re honored to be a part of it.”
Located at 12850 Crenshaw Boulevard, the transit-oriented development is surrounded by a diverse mix of employers. South Bay X offers convenient access to Interstate 105, is two blocks from the LA Metro Green Line and less than five miles from Los Angeles International Airport (LAX). Residents will also have easy access to a variety of local attractions including Sofi Stadium, beaches and retail and dining venues.
After breaking ground several months ahead of schedule, South Bay X is anticipated to be completed in early 2025. The project is expected to create upwards of 1,000 jobs during its development.
About Cityview
Founded in 2003, Cityview is a vertically integrated real estate investment management and development firm focused on workforce and attainable housing in high-growth markets in the Western US. Specializing in developing, acquiring, and operating value-add multifamily and mixed-use projects, Cityview creates sustainable housing options in transforming areas, changing cities into communities, people into neighbors and houses into homes. Cityview investments have generated nearly $5 billion in urban investment across more than 130 projects to date. For more information, visit their website.
Media Contact:
Marisa Valbona
Idea Hall
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be8ea457-ba93-4c64-9c6c-3e56ee74950a
