Last week, developer CenterCal announced Westport Capital Partners LLC as a new capital investment partner in the Redondo Beach Waterfront Revitalization Project, which proposes bringing 523,732 square feet of new development to King Harbor.
Westport largely invests in commercial projects in the US and internationally and is “committed to making a sizeable investment” on the $300 million dollar Waterfront project. The investment amount will be finalised after the project’s design and approval process is complete, Westport principal Greg Geiger said. The project is currently undergoing environmental review.
Westport is a Connecticut-based firm with South Bay strongholds. Geiger has lived in Palos Verdes for over 25 years, and Westport, like CenterCal, has an office in El Segundo.
“It’s property that I know personally,” Geiger said. “I have been to the Redondo waterfront many times over the years. I’m excited to have the chance to be part of the team to help complete a thoughtful environmentally-friendly revitalisation of the Redondo waterfront.”
Geiger and CenterCal CEO Fred Bruning have been business partners for the past ten years. The two collaborated on many large commercial projects in Oregon, Washington, and Utah, and Bruning used to give Geiger aerobatics lessons.
“We think Westport is a great partner and is going to help us achieve what we set out to do at the waterfront,” Bruning said. “Having that extra level of assurance and security for financial investments is something that can be a great comfort to the city.”