NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Bellwether Financial Group (“Bellwether”), today announced that the Board of Harbor Commissioners for The Port of Los Angeles (“Port of LA”) unanimously voted on Tuesday, October 8, 2019, to authorize the Port of LA to enter into exclusive negotiations with Bellwether Financial Group for the Port of LA’s Development of the Berth 44 Boatyard. The decision completes an extensive request for proposal (RFP) process for the development rights. Bellwether plans to develop a new state-of-the-art shipyard facility, dubbed LA Shipyard™, that will have the capability to service the boating community that calls the LA Waterfront home.
“We are extremely pleased to be selected as the team to develop the shipyard at Berth 44 and to contribute to the overall continued activation of the LA Waterfront,” said Joe Ueberroth, Founder and President of Bellwether. He added, “We believe the shipyard is a vital element to the LA Waterfront as it will be a new destination for large vessels that require yards between San Diego and Seattle and we will have the capability to service them.”
The LA Waterfront encompasses 400 acres of waterfront property, 15 marinas and over 3,750 recreational boaters adjacent to the nation’s busiest port, The Port of Los Angeles, America’s Port®. The Port of LA has established and follows a carefully thought out master plan for the development of its waterfront properties. The new shipyard is a key element in this plan to develop and activate the LA Waterfront and serve The Port of LA’s many maritime users.
“The Port of Los Angeles is pleased to move forward with Bellwether Financial Group in negotiations on our Berth 44 Boatyard Development project as yet another step in attracting private investment to achieve our long term development goals for the LA Waterfront,” said Michael Galvin, Director of Waterfront & Commercial Real Estate. Mr. Galvin added, “Bellwether’s extensive and successful experience with marine-oriented developments is anticipated to result in a world-class shipyard serving the great majority of registered boats in Southern California.”
About Bellwether Financial Group
Bellwether Financial Group is an investment company focused on dynamic companies and iconic properties. Bellwether was founded by Joseph Ueberroth in 1997 with a purpose of investing capital with proven management teams and then working together to build successful companies. For more information, visit www.bellwetherfinancialgroup.com.
About the LA Waterfront
The Port of Los Angeles funds and maintains the LA Waterfront, a tourism, recreation, and retail destination of more than 400 acres of prime waterfront property set against the backdrop of our nation’s busiest port. The Port has invested more than $600 million in public access enhancement and waterfront development projects to date—with plans to invest another $400 million over the next decade—and remains committed to delivering projects that provide additional open space and encourage public access, while utilizing a sustainable approach to design, planning, and urban architecture. For more information, please go to www.lawaterfront.org.
About The Port of Los Angeles
The Port of Los Angeles is America’s Port®, the nation’s premier gateway for international commerce and the busiest seaport in the Western Hemisphere. Located in San Pedro Bay, 25 miles south of downtown Los Angeles, the Port encompasses 7,500 acres of land and water along 43 miles of waterfront.
Handling diverse commodities from avocado to zinc, the Port of Los Angeles features both passenger and cargo terminals, including cruise, container, automobile, breakbulk, dry and liquid bulk, and warehouse facilities that manage billions of dollars’ worth of cargo each year. Currently in the midst of a 10-year, $2.6 billion infrastructure investment program aimed at raising the bar for cargo efficiency, the Port is also focused on new technologies to enhance digital information flow throughout the supply chain.
This thriving seaport is also known for groundbreaking environmental initiatives and remains committed to managing resources and conducting developments and operations in both an environmentally and fiscally responsible manner. The Port has also built a strong reputation for its progressive security measures and community engagement. For the last decade, the Port has also been at the forefront of revitalization of the LA Waterfront, improving public access to the water, developing public-friendly amenities and infrastructure, and transforming the harbor shoreline into a world-class visitor destination. For more information, visit www.portoflosangeles.org.