Project Scope
Slauson Cetral Retail Center will be a 6.6 acre, 78,000 square foot ground-up shopping center with future pharmacy and grocery anchor tenants and inline shops. Urban One was hired by Regency Centers Corp (NYSE: REG) to augment their staff in entitling the site and leading it into the design and construction process, working side-by-side with the CRA/LA and other public entities and stakeholders.
Project Summary
| Client | Regency Centers Corporation | ||
| Location | South Central Los Angeles, California | ||
| Category/Emphasis | Real Estate | ||
| Services | |||
| Project Facts | Ground-up 6.6 acre, 78,000 square foot shopping center | ||
| Architect | Nadel Architects, Inc. | ||
| Civil Engineer | DRC Engineering | ||
| General Contractor | TBD | ||
Project Overview
The property sits in Council District 9 (CD 9) on the southwest corner of Slauson and Central Avenues in the Goodyear Industrial Tract in South Central Los Angeles, CA. Regency Centers, acting as developer, has entered into a development agreement with CRA/LA. The estimated development cost is roughly $19 million, with the CRA/LA contributing approximately $8.7 million ($7.6 million in BEDI/Section 108 loan and up to $1.1 million in future tax increment).
The CRA/LA’s redevelopment goal on this property is to “help expand businesses and create new ones, generate jobs, stabilize and expand the industrial area, repair and clean up public infrastructures and attract new consumer retail, shopping and entertainment outlets.” The development will provide a crucial boost for a blighted industrial strip and surrounding area.
Simultaneous with pursuing entitlements, Urban One, Regency Centers, and CRA/LA are also currently performing soil vapor extraction and remediation work at the site. The design phase is anticipated to commence in the second quarter of 2012, with construction commencing in the first quarter of 2013.
