SOUTH GATE : City Plans for Movie Complex Get a Boost
The city’s plans to build a 12- to 16-screen cinema complex and retail space near South Gate’s main shopping center received a boost last week from the federal government.
South Gate’s Community Development Department received $475,000 in Economic Development Initiative funds and $2.4 million in loan guarantees from the U.S. Department of Housing and Urban Development to help finance the construction of a 245,000-square-foot shopping mall, next to the Towne Center shopping plaza.
In addition to the HUD grant and loan guarantees, the retail center--which when completed will be the largest in the region outside of Downey’s Stonewood mall--will be financed with $1 million in redevelopment funding and $24.3 million in private financing.
The city’s redevelopment agency recently entered into negotiations with developers to build a 45,000-square-foot multiscreen theater. An additional 10,000 square feet would accommodate retail shops.
South Gate is also negotiating with another developer to bring in a department store to occupy 195,000 square feet of retail space on the 21-acre property where a crude oil storage facility currently stands.
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