A series of commercial buildings near the San Pedro waterfront may give way for a large mixed-use development. Last week, plans were filed with the City of Los Angeles for a new residential-retail complex on an approximately 2.5-acre site at 550-560 S. Palos Verdes Street. A case filing from the Department of City Planning (LADCP) describes the proposed development as a six-story structure which would feature 403 residential units, 5,200 square feet of ground-level retail space and a 639-car garage. The proposal comes from Beverly Hills-based real estate investment firm Omninet Capital, LLC. According to its website, the company currently owns more than 7 million square feet of commercial space and over 13,000 residential units across the country. Their project would sit directly across the street from the Vue, a 16-story residential tower which was completed in 2009. Both developments may be harbingers of things to come for San Pedro, as the city explores the development potential of numerous underutilized properties on and around the waterfront.