New Center Lands Loews Cineplex

MONTEREY PARK, CA-Loews Cineplex has signed a 20-year lease for 65,000 sf of space at Atlantic Times Square, a new 200,000-sf open air, mixed-use entertainment center that Kam Sang Co. of Arcadia is developing here. The center will take shape on a site at Atlantic Boulevard and Hellman Avenue, with construction scheduled to break ground in June and the center slated to be completed in September 2006.The Loews lease was brokered by Mark Baziak of Grubb & Ellis' Newport Beach office and Max Franco of the firm's Downtown Los Angeles office. In addition to the retail and entertainment portion of the project, Atlantic Times Square consists of 200 condominiums, according to the City of Monterey Park. Loews will be the anchor of the center, where a number of retailers have also signed leases, including Cold Stone Creamery and Quizno's. Numerous other retailers have shown interest signing Letters of Intent to lease space totaling over 150,000 sf, the city says.City documents say that the project "will consist of one two-story and several five- and six-story buildings, with retail uses on the ground floor and residences located above the retail stores." The site will be landscaped and will feature plazas, fountains and gathering places, among other amenities. Approximately 1,795 parking spaces will be provided in a three-level semi-subterranean garage. The upper two parking levels will be designated for the theater, retail and other commercial uses. The third level will have 400 parking spaces reserved for residents and their guests.Atlantic Times Square is one of a series of commercial redevelopment projects under way in Monterey Park, among them Garvey Villas, Towne Centre and Market Place. Garvey Villas is a mixed-use project at the southwest corner of Atlantic Boulevard and Garvey Avenue; Towne Centre is planned for 110 condominiums and approximately 73,000 sf of commercial space at the southeast corner of Garfield and Garvey avenues; and Market Place will be a 507,000-sf center that will be the largest shopping center in the city. It is planned for a site north of the Pomona Freeway and west of Paramount Boulevard.