Identification – Waterford identified the opportunity to acquire the Note on the 14 acres large-scale open-air retail, office, and mixed-use development property in the heart of downtown Long Beach, California in December of 2020. 

Evaluation – Waterford utilized its strong market knowledge as one of the most active investors and developers in Long Beach to underwrite the opportunity under a variety of exit scenarios. 

Business Plan – Waterford felt the project could be re-positioned well by modernizing the retail areas and amenities at the project while also planning for potential redevelopment.

Capitalization – Waterford partnered with two Real estate equity funds to acquire the property.

Asset Management – Waterford will hire best-in-class architects and general contractors to reposition the asset as a vibrant retail project in Downtown Long Beach while also swiftly moving through the entitlement process for a potential redevelopment plan.

Stabilization – Waterford hopes to eventually sell off the retail and entitled land parcels once the business plan is executed.