(To read more on the multifamily market, click here.)

AZUSA, CA-Lowe Enterprises of Los Angeles plans 66 condominiums and 32,500 sf of retail space on a newly acquired site in this city’s downtown. The project, which will also include a 330-space subterranean parking structure, is described as a pedestrian-oriented development at the southeast corner of Foothill Boulevard and Azusa Avenue.

The Azusa City Council and the city’s redevelopment board have approved a disposition and development agreement with Lowe that includes the sale of 1.8 acres to the Los Angeles-based development and investment firm. According to Azusa’s city manager, Fran Delach, the project “will serve as a catalyst for the renaissance andrevival of the downtown core of Azusa.”

The development will feature outdoor sidewalk dining, public plazas, walkways and sidewalks to link individual buildings, public spaces and parking facilities. Tom Wulf, SVP with Lowe Enterprises Real Estate Group, says that the preliminary development plan calls for condominium units ranging from 1,100 sf to 1,500 sf, with all units to be sold at market rate.

The plan also includes a provision that the units will be made available for presale to “pillars of the community,” which will include City of Azusa police officers, Los Angeles County firefighters and teachers within the Azusa Unified School District boundary. The offer will be extended for 45 days before Lowe markets the project to the general public.

The project will also provide for the replacement of the façade of the Bank of America building to ensure that it will be consistent with the overall architectural design of the project. Construction is expected to begin this summer.

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