For many decades, the land at the corner of Lakewood Blvd. and Carson St. has been an important commercial and manufacturing center for Long Beach and the region. Once a center of the modern aerospace industry, much of the land became unoccupied and empty as aerospace manufacturing trends changed.
But recently, Douglas Park has transitioned into an incredibly successful business campus that now hosts renowned international businesses, including Mercedes-Benz, which has its west coast headquarters there, Shimadzu Precision, which relocated from Torrance last year, and Virgin Galactic, which is manufacturing rockets right here in Long Beach.
Douglas Park is a huge economic success, and is creating thousands of good paying jobs and activating new manufacturing space.
And now, there's more good news. Friday, we broke ground on "The Terminal at Douglas Park," a creative office environment focused on collaboration and open spaces. The project includes 20 individual office condominiums and construction will complete in the spring of 2017.
Meanwhile, the planning commission recently unanimously approved the Long Beach Exchange, or "LBX", a destination development that will include two additional hotels with hundreds of new rooms, business spaces for tech companies, quality restaurants, and retail shopping.
Located right off Lakewood and Carson, LBX will incorporate a hangar style building to honor the area's history, and build about 266,000 square feet of new construction on nearly 27 acres, with more than 1,300 parking spaces. It will be a potential venue for farmers markets and other events, and will have a focus on unique food and quality retail offerings.
Douglas Park is an important part of our city's history, and it's great to see a project that honors that history, creates good paying jobs, and brings services residents want. LBX and The Terminal are more confirmation that business in Long Beach is booming, and the city is moving in the right direction.
I want to thank the SARES-REGIS Group, which owns much of Douglas Park, for bringing these outstanding developments to Long Beach. I also want to thank Councilwoman Stacy Mungo, as well as our excellent city staff, particularly in the Development Services and Economic and Property Development Departments, for working so hard to ensure great projects for this property.
Our congratulations to everyone involved in these world-class projects.