WALNUT PARK, CA-Primestor Development of Beverly Hills plans to break ground tomorrow on a 241,000-sf retail and office project in this primarily Latino community. The new development is called La Alameda Regional Shopping Center.
The $64.4 million center, which is scheduled to open in the fall of 2007, will consist of 223,000 sf of retail space and 18,000 sf of office space on 17.9 acres at Florence Avenue and Alameda Street. It is being developed as a public/private partnership between Primestor and the County of Los Angeles through the Community Development Commission and the office of Supervisor Gloria Molina.
Primestor calls the project the first of its kind in Walnut Park. Arturo Sneider, a partner at Primestor, says that one of the differences distinguishing this project from others in Walnut Park, in addition to its size, is that it "will finally give national retailers an opportunity" to enter the Walnut Park trade area in a new development.
Retail tenants at La Alameda will include Office Depot, Payless Shoes, Jamba Juice, Petco, AJ Wright, Ross, Panda Express, Big 5, Chuck E. Cheese and Starbucks. Leasing of the space is being handled by the Clover Co. of Culver City.
La Alameda, which is being designed by Los Angeles-based Nadel Architects, "will also provide a real gathering place for the community," Sneider says. A large plaza will feature a pergola and fountain, with outdoor dining, areas for live entertainment, and meeting spaces. Second-floor offices will overlook the plaza and retail tenants. The project will be easily accessible by automobile, public transit and pedestrians, Sneider notes.
La Alameda is being built in what Primestor calls "one of the strongest Hispanic trade areas in Southern California," with a population of 473,443 and an average household income of $38,060 within a three-mile radius. The population within five miles of the project is estimated at 1,124,314, with an average household income of $38,383.
Primestor Development is developing approximately two million sf of space on 5.5 million sf of land. Its portfolio includes residential units, office buildings, community retail centers, power centers, strip centers and land.
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