The Los Angeles Board of Harbour Commissioners have unanimously approved the San Pedro Waterfront Project, Real Estate Weekly News reported.

The 400-acre waterfront infrastructure and revitalisation initiative will extend from the Port's inner harbour to Cabrillo Beach in the outer harbour and create a world-class waterfront for the nation's largest container port.

The project, expected to take a decade or more to complete, will include the expansion of cruise ship operations with a new outer harbour terminal that will provide more berth space and accommodate the largest ships that will call at the Port in the coming decades.

The Port anticipated funding approximately US$900 million, largely for public infrastructure, and anticipates an additional $300 million will be raised through private investment through the board's entitlement of up to 300,000 square feet of commercial-retail redevelopment and an additional 75,000 square feet of conference centre space.