LA ALAMEDA REDEVELOPMENT PROJECT
On July 12, 2008, residents and business owners of the greater Walnut Park area welcomed in jubilation the grand opening of the La Alameda Shopping Center. The day-long celebration was attended by First District Supervisor Gloria Molina, community leaders, and over 1,000 residents.
The La Alameda Shopping Center is a $64 million, 18.3-acre project that combines 220,000 square feet of retail space with 18,000 square feet of offices. The Project was made possible by a public-private partnership between Los Angeles County, the Community Development Commission of the County of Los Angeles (CDC), and Primestor Development Inc. Retail tenants include Marshall’s, Ross Dress for Less, Petco, Office Depot, Payless Shoe Source, CVS Pharmacy, Starbucks, Wingstop, Panda Express, Taco Don Chente, Dollar Tree, Coldstone Creamery, Verizon, EB Games, and Sussie’s Deals. The Shopping Center is expected to generate up to 700 new jobs.
Once a blighted area and community eye sore, the southeast corner of Florence Avenue and Alameda Street that is now home to La Alameda, has been transformed into more than a shopping destination. Designed with community residents in mind, the development features Spanish architecture, pedestrian friendly courtyards, outdoor seating, a fountain and a plaza where La Alameda will host family-oriented community events throughout the year. The shopping center also provides pedestrian-friendly access to Metro Line 111 (LAX to Norwalk via Florence Avenue) and access to the east-west Metro Green Line. In addition, shoppers can catch Metro Line 611, which serves several local communities and runs every 30 minutes.
Of the approximately $64 million in development costs, $14 million was provided by the County through a U.S. Department of Housing and Urban Development (HUD) Section 108 Loan Guarantee and an Economic Development Initiative (EDI) grant from the Federally-designated Empowerment Zone. The $8,020,000 Section 108 loan will be repaid using 50% of the sales and property tax generated from the Shopping Center and 50% from Community Development Block Grant (CDBG) funds allocated to the First Supervisorial District.
