The Los Angeles Board of Harbor Commissioners has approved a 50-year lease for the new San Pedro Public Market on the site of the current Ports O’ Call Village. The lease approval is said to represent a key step toward the first comprehensive redevelopment of the 30-acre site since its original development in the 1960s.

The first phase of the proposed $150 million revitalization project will include 16 acres of restaurants, shopping, fresh food markets and creative office space, outdoor gathering areas, as well as a half a mile of waterfront promenade.

The developer of the private investment project is the San Pedro Public Market LLC, a partnership of The Ratkovich Company of Los Angeles and Jerico Development of San Pedro. The name change from Ports O’ Call Village to the San Pedro Public Market was revealed by the developers in March.

The Port’s obligations under the approved lease include the construction of four public access infrastructure projects: the Sampson Way and 7th Street Intersection Improvements; the Town Square at 6th Street project; the Ports O’ Call Promenade project and the public access dock project for recreational boater use.

To date, the Port has invested $600 million in public access and community projects like Wilmington Waterfront Park, the Harbor Blvd. Parkway Promenade, Downtown Harbor and the renovations of Cabrillo Way Marina. It expects to invest $400 million in public access over the next 10 years.

The 50-year lease agreement must next be approved by the Los Angeles City Council. The expected completion date of the redevelopment is 2020.