Alhambra : Retail Complex Proposed

The Alhambra City Council, acting as the redevelopment agency board, will consider an agreement Jan. 13 with Price Co. of San Diego that would open the way for construction of a Price Club discount store, restaurants and other retail stores on 18 acres at the northwest corner of Commonwealth and Palm avenues.

The agency would buy and clear the property at a cost of $12.3 million and sell it to Price for nearly $7.5 million. Price would finance the project by lending $4.8 million to the agency to supplement its $7.5-million purchase.

The project would produce $1 million a year in revenue for the redevelopment agency and the city by 1990, according to a financial analysis by Katz, Hollis, Coren & Associates Inc. The development would consist of a 112,000-square-foot building for the Price Club, 73,250 square feet of other retail space and 12,000 square feet of restaurants. The Price Club is projecting yearly sales of $100 million, about $65 million of which is taxable.