San Pedro Public Market 50 Yr. Lease

San Pedro Public Market LLC, a partnership of The Ratkovich Company of Los Angeles and Jerico Development of San Pedro. Expected completion date: 2020

$150 million revitalization project includes 16 acres of restaurants, shopping, fresh food markets outdoor gathering areas, creative office space and a half a mile of waterfront promenade.

The Port of Los Angeles obligations under the approved lease:

• Sampson Way and 7th Street Intersection Improvements
• Town Square at 6th Street project
• Ports O' Call Promenade project
• Public access dock project for recreational boater use

$600 million in public access and community projects completed:

• Wilmington Waterfront Park
• Harbor Blvd. Parkway Promenade
• Downtown Harbor
• Cabrillo Way Marina renovations

The Los Angeles Board of Harbor Commissioners approved a 50-year lease for the new San Pedro Public Market on the site of the current Ports O' Call Village. The lease approval represents a key step toward the first comprehensive redevelopment of the 30-acre site since its original development in the 1960s.

"We have dreamed for decades of an L.A. Waterfront that brings our entire City together — a place where families, friends, and neighbors can gather to eat, stroll, shop, and enjoy the water," said Mayor Garcetti. "Today, I am proud to say that we don't have to imagine it anymore. With the signing of this lease, we bring these long-awaited plans to life and commit ourselves to the vision of a world-class waterfront in Los Angeles."
 
The San Pedro Public Market will be the crown jewel of the LA Waterfront, reflecting the history, charm, flavor and spirit of the people who have called this town home for generations,” said Los Angeles City Councilmember Joe Buscaino, who represents the Port and its surrounding communities. 

North America's leading seaport in terms by container volume and cargo value, the Port of Los Angeles facilitated $270 billion in trade during 2015. Port operations and commerce facilitate more than 133,000 jobs (about one in 14) in the City of Los Angeles and 479,000 jobs (or one in 18) in the five-county Southern California region. The San Pedro Bay Ports support nearly 1 million California jobs and 2.8 million nationwide.