Funding Approved for Marlton Square Project
The Los Angeles Community Redevelopment Agency board approved a plan to invest $42.2 million in public funds for a 22-acre retail and residential project on the site of the long-struggling Santa Barbara Plaza in the Crenshaw District.
The funding includes federal housing grants and other subsidies that are considered crucial to making the $125-million project, known as Marlton Square, economically feasible, according to public officials and the developers. The project proposed by Capital Vision Equities and Keyshawn Capital Development includes 140,000 square feet of retail space, 140 for-sale houses and 180 units of affordable senior housing on the site of Santa Barbara Plaza, immediately west of the Baldwin Hills Crenshaw Plaza.
The funding package for Marlton Square, which is backed by Los Angeles Mayor James K. Hahn and City Councilman Mark Ridley-Thomas, will be sent to the full City Council for approval.
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