A reworked AltaSea lease approved this week will cut costs and speed up the timetable for the massive project that is attracting such big-name tenants as Robert Ballard and his nonprofit Ocean Exploration Trust and Nautilus vessel.
In the works for four years, the ambitious marine science research laboratory with classrooms and public exhibit halls has made strides in the past couple years, particularly with signing up Ballard.
But there’s a long way yet to go.
The amended lease, the product of months of negotiations and work between the nonprofit and its landlord, the Port of Los Angeles, was approved Thursday night in a unanimous vote by the harbor commission. Commissioner Anthony Pirozzi, a director for the Boeing Satellite Development Center, recused himself from the 4-0 vote because Boeing is in negotiations for space at AltaSea.
The new agreement is expected to go before the Los Angeles City Council on Wednesday.
Costs drop dramatically
The original first phase of the project — rehabbing several historic waterfront warehouses and building an engagement center for the public — now will cost about $135 million rather than $300 million, said Jenny Cornuelle Krusoe, AltaSea’s executive director.
Overall, the original schedule for various elements of the AltaSea development will be moved up by one to 15 years.
The biggest savings came after tenants weighed in, telling AltaSea that the warehouses didn’t need many of the embellishments originally planned, said Tim McOsker, general counsel for AltaSea, who said the deal is a “win-win-win” all the way around.
“Jenny and I spent time talking to…
click here to read more.