2 Firms Will Develop Complex in Valencia

A Torrance developer and a company affiliated with California Federal Savings & Loan plan to begin construction April 1 on a $60-million office and industrial project in Valencia.

The project, part of the Valencia Industrial Center at Rye Canyon Road and The Old Road, is being built by Katell Properties of Torrance and CalFed Income Properties. The first phase--450,000 square feet of office and industrial space, much of it for high-technology firms--is scheduled for completion by year-end, said Gerald Katell, Katell Properties’ president.

He said the joint venture intends to build 700,000 square feet of office and industrial space within the next four years. The development is planned for three parcels in the industrial center, which was started by Newhall Land & Farming.