Lowe Wins City's Mixed-Use Project

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AZUSA, CA-City officials here have chosen Lowe Enterprises of Los Angeles to develop Azusa's first transit-oriented project, a mixed-use housing and retail project valued at up to $35 million. The decision gives Lowe the exclusive right to negotiate disposition and development agreement for 2.3-acre project, which is planned for a site one block from a planned Metro Gold Line station, at the southeast corner of Foothill Boulevard and Azusa Avenue.The transit-oriented development will be a key component of the city's Downtown revitalization program. for which the Azusa Redevelopment Agency reviewed plans and qualifications of 10 potential developers before choosing Lowe. Lowe plans to develop 40,000 sf of street level retail with two levels of for-sale housing, comprising 46 townhomes and 22 flats.Tom Wulf, SVP of Lowe Enterprises Real Estate Group, says the company will design the development to attract top retailers and create a pedestrian-oriented environment. The site will benefit from its proximity to the new Gold Line light rail station, which the Metropolitan Transportation Authority expects to complete by late 2009 or early 2010.Lowe has named McLarand Vasquez Emsiek & Partners as architects for the project. James Rodriguez of the Commerce office of CB Richard Ellis will be the leasing agent for the retail portion of the project.The Azusa project will add to the more than 4.7 million sf of commercial projects that Lowe is developing nationwide. Through its investment management affiliate, the firm currently manages in excess of $2 billion in real estate assets on behalf of institutional clients.