Council OKs Lease to Develop Retail Complex
The City Council has unanimously approved a 66-year lease with a San Diego-based developer to develop an entertainment and retail complex as part of the Queensway Bay project in downtown Long Beach.
OliverMcMillan wants to build a $105-million complex that will offer restaurants, stores, a movie theater and a hotel covering 18 acres around Rainbow Harbor, near the soon-to-open Long Beach Aquarium of the Pacific.
Under the terms of the lease, which was approved Tuesday, the city will receive $1.45 million a year once the developer has made a 12.5% profit on the complex.
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