Southeast : COMMERCIAL REVIVAL
The geriatric and anemic Los Altos Shopping Center in Long Beach is about to be reborn with an injection of city redevelopment funds and the addition of top-name retailers, officials announced this week.
The new stores joining the shopping center, which will be renamed the Los Altos Market Center, include Circuit City, Comp USA and Bristol Farms, the upscale grocer, officials said.
The center, which was built in 1960, had fallen on hard times of late. A steady stream of tenants had left the complex in recent years.
Developers Cousins/New Market Development Co. and Hopkins Development Co. plan to buy and expand the center.
Long Beach’s redevelopment agency expects to spend about $8 million to move the project forward, officials said. The agency is negotiating to buy the shopping center for about $12 million. It would turn around and sell it to Cousins/Hopkins for about $4 million.
Construction is scheduled to begin early next year and the renovated shopping center is expected to be open in time for the 1996 holiday season.
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