La Mirada : Developer Seeks City Aid

The development companies that propose to raze the La Mirada Mall and replace it with a new commercial and residential complex say they need $10.5 million of city redevelopment money to proceed with the project.

Executives of Hopkins Development Co. and JM Peters Co., which bought the mall property last December, Tuesday night outlined their proposal to the city Redevelopment Agency in glowing terms. They described it as an “upscale” project that would transform the unsuccessful mall into an attractive, vibrant shopping and housing area that would generate more than $35 million in local taxes. The new mall would house an estimated 100 stores. The residential portion would contain 315 homes, most of them attached.

To make the commercial portion financially feasible, Hopkins executives say they need a $10.5-million contribution from the Redevelopment Agency--the largest financial assistance package ever requested of the city. City Manager Gary Sloan said the agency would be able to float only $6 million to $7 million in bonds for the project, and he was not sure the agency would be willing to do that. He added that the agency, made up of City Council members, has a great deal of discussion ahead of it before settling on a deal.

Peters proposes to build 252 of the homes. Wilmore City Development Inc. would construct another 63 units on the site of the La Mirada Bowl, which it is buying.