San Gabriel Valley : Shopping Center Project Is Lauded
Pasadena Mayor William Paparian delivered a State of the City address emphasizing hope and renewal Tuesday night from the future site of the first major supermarket shopping center in northwest Pasadena, as activist and developer Danny Bakewell announced he had finalized a lease with Vons to anchor the project.
“This location is a perfect example of what we mean when we say, ‘Renewal and commitment,’ ” said Paparian, standing in front of the boarded-up strip mall that will be demolished to make way for the 77,000-square-foot Fair Grove Renaissance Shopping Plaza.
The city has agreed to invest $8.8 million to buy the property, relocate the old businesses and raze the buildings.
For the project to go forward, however, Bakewell needed the Vons’ lease to secure financing for the construction of the shopping center, which will include a Vons surrounded by smaller stores.
Bakewell’s Pasadena Commercial Development Co. is buying the property from the city for $1.5 million, which must be repaid in the next 20 years without any initial payment.
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