The Los Angeles Board of Harbor Commissioners has approved the $1.2-billion San Pedro Waterfront Project, a 400-acre waterfront revitalization that is expected to take a decade to complete. The multi-phase project includes three new harbors, a public pier, a cruise-ship terminal and a “downtown” with promenades and 300,000 sq ft of commercial space. The project is currently under conceptual design. The port will fund approximately $900 million of the cost and expects to raise the other $300 million through private investment.