Michael Mugel, CEO of Red Mountain Retail Group, says that thedevelopers are confident that they will have our capital in placeprior to breaking ground at year-end. El Portal will offer what thedevelopers describe as a unique, high-tech, state-of-the-artlifestyle shopping experience.

El Portal will be built on a site near the intersection ofAtlantic Avenue and Firestone Boulevard that allows for highvisibility and close proximity to the dynamic Hispanic retailmarket that includes a population of more than one million within afive-mile radius with average incomes in excess of $50,000, thedevelopers note. Timothy Hawthorne, co-founder and managingdirector of Buchanan Street Partners, says that the firm believesthat the El Portal center will become the premier shoppingdestination and entertainment experience for the Hispanic communityin Southern California.

Red Mountain Retail Group, founded by Mugel in 1991, has grownits portfolio to 80 centers across seven states with a total of 5.5million sf valued at more than $1 billion. Allied Retail PartnersLLC is a privately held real estate company that specializes in theacquisition and development of shopping centers and mixed-useprojects throughout California. The Los Angeles-based firm has morethan one million sf of retail and residential projects underdevelopment throughout Southern California with a combined value inexcess of $500 million.