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AES Sells 51 Acres of Coastal Property in Redondo Beach
Power plant operator AES US closed on a sale of 51-acres of land in Redondo Beach to real estate developer Leo Pustilnikov for an undisclosed amount. The sale marks the transition of the site on North Harbor Drive, away from industrial use to open space and new possibilities for community beautification through commercial improvements.
The developer plans to provide up to 25 acres of open space, including preserving several acres of coastal wetlands that were paved over decades ago. The City of Redondo Beach has an option to purchase up to 15 acres.
NKF’s Kevin Shannon, Ken White, and Scott Schumacher, along with CBRE’s Laurie Lustig-Bower brokered the deal, one of the largest coastal property sales in California.
Virginia-based AES plans to stop operating the gas-burning generators by 2023, though could operate the power plant to support electric reliability needs for the Los Angeles region longer, if needed.
AES US’s Lisa Krueger says, “We are committed to balancing the needs of the local communities now and into the future. This means being able to keep the lights on for the short-term, while committing to a predictable and responsible transition for this beautiful piece of California’s coastline.”
For comments, questions or concerns, please contact Dennis Kaiser
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