The old power plant has been on the market for two years. The final sale price has not been revealed, but the unnamed buyer purchased the property “as is” and will thereby be responsible for the demolition and remediation of the 51-acre property. Presumably the price was in excess of $40m, the amount the city of Redondo Beach unsuccessfully tried to purchase the property for last year.
The utility company advertised the old power plant for non-industrial uses and presently the property is zoned for power generation or parkland. It is common for buyers of large or high-profile properties to approach a city early in the process to discuss usage. At the moment, however, no one knows what a banner printing service might one day be asked to announce is opening soon.
The city is willing to work with the buyer, according to Mayor Bill Brand, who was quoted by The Beach Report as saying:
"I'm looking forward to working with whoever it is and maximize (sic) the public benefit of whatever happens here."
Several attempts to adjust zoning laws to permit commercial or residential projects in the past have gone down in flames, so questions remain as to whether the public will react the same way.