Post by city news on Feb 15, 2006 23:33:23 GMT -8
CITY COUNCIL SELECTS LOWE TO REDEVELOP DOWNTOWN
The Azusa City Council selected Lowe Enterprises, a Los Angeles-based national real estate company, to develop a $30-$35 million mixed-use housing and retail project in the downtown area. This project will be the city’s first transit-oriented development and a key component to its downtown revitalization program. The City of Azusa Redevelopment Agency reviewed plans and qualifications of 10 potential developers for the site and the City Council unanimously approved the selection of Lowe Enterprises. They have entered into exclusive negotiations to develop the 2.3-acre site located one block from the planned Metro Gold Line station.
The project is located at the southeast corner of Azusa Ave., between Foothill Blvd. to the north and Sixth street to the south. The Redevelopment Department and the City often referred to it as “Block 36.” The new mixed-use development will transform downtown into a redeveloped destination for housing, business, entertainment and shopping. Azusa residents will benefit from the revitalization of downtown and the improvements to the local economy.
“Lowe Enterprises has a solid track record in real estate development and a reputation for quality and professionalism. The company brings to our city the experience and financial resources to ensure that this important redevelopment project will be a successful start for our renewed downtown,” said Azusa City Manager, Fran Delach.
Lowe plans to develop 40,000 square feet of street level retail with two levels of for-sale housing, comprised of 46 townhomes and 22 flats.
“Azusa has a rich heritage and many architecturally distinctive historic structures. We will build on these elements to create a project that is complementary and in keeping with the area’s main street character and environment,” noted Tom Wulf, senior vice president, Lowe Enterprises Real Estate Group. “Our development is designed to attract top retailers and create a vibrant pedestrian experience to serve residents and businesses and enhance the area for the entire community.”
The Metropolitan Transportation Authority has approved the extension of the Gold Line light rail that will bring service to this community by late 2009 or early 2010. The City of Azusa has a comprehensive program to support and encourage thoughtful development in and around the new Gold Line station. “Building housing with retail, entertainment and other businesses near a transit hub is a proven model that will reduce traffic and increase pedestrian activity and revenue for the city,” noted Wulf.
Lowe Enterprises has engaged architects McLarand Vasquez Emsiek & Partners for the project. James Rodriguez of CB Richard Ellis will support the retail leasing effort.
Lowe Enterprises is currently developing other mixed-use, redevelopment projects including the 850,000 square foot CityVista in Washington, DC.
Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 33 years, it has developed, acquired or managed more than $7 billion of real estate assets nationwide. The firm is currently developing 4.7 million square feet of commercial projects nationwide. Through its investment management affiliate, the firm currently manages in excess of $2 billion in real estate assets on behalf of institutional clients. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Denver, Irvine, Phoenix, San Francisco, Sacramento and Washington D.C.
The Azusa City Council selected Lowe Enterprises, a Los Angeles-based national real estate company, to develop a $30-$35 million mixed-use housing and retail project in the downtown area. This project will be the city’s first transit-oriented development and a key component to its downtown revitalization program. The City of Azusa Redevelopment Agency reviewed plans and qualifications of 10 potential developers for the site and the City Council unanimously approved the selection of Lowe Enterprises. They have entered into exclusive negotiations to develop the 2.3-acre site located one block from the planned Metro Gold Line station.
The project is located at the southeast corner of Azusa Ave., between Foothill Blvd. to the north and Sixth street to the south. The Redevelopment Department and the City often referred to it as “Block 36.” The new mixed-use development will transform downtown into a redeveloped destination for housing, business, entertainment and shopping. Azusa residents will benefit from the revitalization of downtown and the improvements to the local economy.
“Lowe Enterprises has a solid track record in real estate development and a reputation for quality and professionalism. The company brings to our city the experience and financial resources to ensure that this important redevelopment project will be a successful start for our renewed downtown,” said Azusa City Manager, Fran Delach.
Lowe plans to develop 40,000 square feet of street level retail with two levels of for-sale housing, comprised of 46 townhomes and 22 flats.
“Azusa has a rich heritage and many architecturally distinctive historic structures. We will build on these elements to create a project that is complementary and in keeping with the area’s main street character and environment,” noted Tom Wulf, senior vice president, Lowe Enterprises Real Estate Group. “Our development is designed to attract top retailers and create a vibrant pedestrian experience to serve residents and businesses and enhance the area for the entire community.”
The Metropolitan Transportation Authority has approved the extension of the Gold Line light rail that will bring service to this community by late 2009 or early 2010. The City of Azusa has a comprehensive program to support and encourage thoughtful development in and around the new Gold Line station. “Building housing with retail, entertainment and other businesses near a transit hub is a proven model that will reduce traffic and increase pedestrian activity and revenue for the city,” noted Wulf.
Lowe Enterprises has engaged architects McLarand Vasquez Emsiek & Partners for the project. James Rodriguez of CB Richard Ellis will support the retail leasing effort.
Lowe Enterprises is currently developing other mixed-use, redevelopment projects including the 850,000 square foot CityVista in Washington, DC.
Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 33 years, it has developed, acquired or managed more than $7 billion of real estate assets nationwide. The firm is currently developing 4.7 million square feet of commercial projects nationwide. Through its investment management affiliate, the firm currently manages in excess of $2 billion in real estate assets on behalf of institutional clients. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Denver, Irvine, Phoenix, San Francisco, Sacramento and Washington D.C.