In another sign of progress and a strong economic future for our city, today we unveiled two new major retail tenants opening in Long Beach: Nike and Forever 21. Along with H&M clothing and Restoration Hardware, these tenants are going to anchor the new Pike Development in Downtown Long Beach. The 65 million dollars of private investment and the addition of 45,000 square feet of space will attract tourists, visitors and residents, and increase tax revenue to the city. It will also attract more retailers and new investment in Long Beach.
The Pike has always had the potential to be an outstanding center for shopping and entertainment, but never got off the ground. While the movie theater and many of the restaurants succeeded, store fronts remained empty and there was little interest from retailers to open in the center. These new national brands, which have never operated in Long Beach before, are a perfect fit for our growing city.
They also add momentum to a rapidly changing Downtown. Household income in Downtown is up by 75%, thousands of new residential units are being built, new small and creative businesses are opening up, crime is at historic lows, and we are building a new main library and civic center.
I want to thank Vice Mayor Lowenthal, city staff, and DDR Management for all their hard work in bringing these new brands downtown. And I want to encourage everyone to attend the grand openings and really show our support for these new community partners. The Pike – soon to be known as The Pike Outlets – is going to finally live up to its potential, and the benefits will be felt citywide.
Stay tuned for more good news about the Pike later in the year, as more new brands move in.