MOORPARK : Property Sale OKd for Market, Cinema
A developer is poised to break ground on a 15-acre parcel in downtown Moorpark that will be used for a supermarket and the city’s first cinema.
The Moorpark Redevelopment Agency unanimously approved the $3.8-million sale of the property, located on Los Angeles Avenue west of Kmart, Wednesday night.
Ventura Pacific Properties will purchase the property and build an eight-screen theater and an Albertson’s supermarket on the site.
The city is hoping that the project will be complete by the end of the year.
The developer estimates that the new shopping center and theater will create about 200 jobs and, in the first year after completion, net the city about $54,165 in tax revenues.
Over a 20-year period, city officials expect the new development to bring in $4.5 million in sales tax revenue.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
