Post by Bill on Nov 16, 2006 9:02:42 GMT -8
...And could get $500,000/year in tax revenue eventually...
Best Buy to anchor new development planned for Duarte
By Kevin Smith Staff Writer
DUARTE - A development deal approved this week by the Duarte City Council/Redevelopment Agency and Jacobsen Family Holdings II LLC paves the way for a new shopping center that would occupy one of the city's last available Foothill (210) Freeway-adjacent sites.
The 4.7-acre center, at the northeast corner of Central and Mountain avenues, would be anchored by a 46,000-square- foot Best Buy store.
The Best Buy is expected to create up to 200 jobs and generate about $500,000 in annual sales tax revenue, according to City Manager Darrell George.
"You've got to realize that Best Buy is probably the premier electronics retailer in the country," George said. "As I understand it, their California stores \ generate about
$45 million a year in sales. I know of other Best Buys that do $70 million to $80 million in volume."
The center would also include another 11,900-square-foot building for additional retail shops.
Doug Jacobsen, CEO for Jacobsen Family Holdings, said Best Buy hopes to more forward as quickly as possible and be up and running by Christmas of 2007.
"We hope to get the entire center done before next year's holiday season, but we don't know for sure if that's
Advertisement
possible," he said. "We don't know what issues we'll face until we put the first shovel in the ground."
Duarte's redevelopment agency assembled and acquired the properties and will sell them to Jacobsen Family Holdings for $8.7 million.
The agency will contribute $3.5 million toward the project, which will be paid to the developer over a period of 15 years.
George said there is still plenty of work ahead.
"We'll begin the process of getting plans drawn up, getting traffic studies done, site plans, elevations and securing tenants and signing leases," he said. "It means going through the typical approval process."
Best Buy Inc. is the nation's biggest consumer electronics outlet.
The company operates a chain of about 785 stores in the U.S. and Canada, offering a broad range of electronic gadgets, movies, music, computers, and appliances.
In addition to selling products, the stores offer installation and maintenance services, technical support, and subscriptions for cell phone and Internet services.
Best Buy employs about 128,000 workers and last year generated $30.8 billion in sales.
The redevelopment agency and Jacobsen Family Holdings forged another development deal that resulted in last year's opening of a 3.5-acre retail center at Mountain Avenue and Hamilton Road, south of the Foothill (210) Freeway.
That complex includes an 18,000-square-foot La-Z-Boy Furniture Galleries store and a 5,000-square-foot IHOP restaurant.
On Tuesday the city also approved a 60-day exclusive negotiation agreement agreement with Fountainhead Development of Newport Beach for the northwest corner of Buena Vista Street and Huntington Drive.
Fountainhead hopes to attract nationally recognized food and beverage franchises to the vacant, half-acre site.
kevin.smith@sgvn.com
(626) 962-8811, Ext. 2701
Best Buy to anchor new development planned for Duarte
By Kevin Smith Staff Writer
DUARTE - A development deal approved this week by the Duarte City Council/Redevelopment Agency and Jacobsen Family Holdings II LLC paves the way for a new shopping center that would occupy one of the city's last available Foothill (210) Freeway-adjacent sites.
The 4.7-acre center, at the northeast corner of Central and Mountain avenues, would be anchored by a 46,000-square- foot Best Buy store.
The Best Buy is expected to create up to 200 jobs and generate about $500,000 in annual sales tax revenue, according to City Manager Darrell George.
"You've got to realize that Best Buy is probably the premier electronics retailer in the country," George said. "As I understand it, their California stores \ generate about
$45 million a year in sales. I know of other Best Buys that do $70 million to $80 million in volume."
The center would also include another 11,900-square-foot building for additional retail shops.
Doug Jacobsen, CEO for Jacobsen Family Holdings, said Best Buy hopes to more forward as quickly as possible and be up and running by Christmas of 2007.
"We hope to get the entire center done before next year's holiday season, but we don't know for sure if that's
Advertisement
possible," he said. "We don't know what issues we'll face until we put the first shovel in the ground."
Duarte's redevelopment agency assembled and acquired the properties and will sell them to Jacobsen Family Holdings for $8.7 million.
The agency will contribute $3.5 million toward the project, which will be paid to the developer over a period of 15 years.
George said there is still plenty of work ahead.
"We'll begin the process of getting plans drawn up, getting traffic studies done, site plans, elevations and securing tenants and signing leases," he said. "It means going through the typical approval process."
Best Buy Inc. is the nation's biggest consumer electronics outlet.
The company operates a chain of about 785 stores in the U.S. and Canada, offering a broad range of electronic gadgets, movies, music, computers, and appliances.
In addition to selling products, the stores offer installation and maintenance services, technical support, and subscriptions for cell phone and Internet services.
Best Buy employs about 128,000 workers and last year generated $30.8 billion in sales.
The redevelopment agency and Jacobsen Family Holdings forged another development deal that resulted in last year's opening of a 3.5-acre retail center at Mountain Avenue and Hamilton Road, south of the Foothill (210) Freeway.
That complex includes an 18,000-square-foot La-Z-Boy Furniture Galleries store and a 5,000-square-foot IHOP restaurant.
On Tuesday the city also approved a 60-day exclusive negotiation agreement agreement with Fountainhead Development of Newport Beach for the northwest corner of Buena Vista Street and Huntington Drive.
Fountainhead hopes to attract nationally recognized food and beverage franchises to the vacant, half-acre site.
kevin.smith@sgvn.com
(626) 962-8811, Ext. 2701