Regency Centers breaks ground at Juanita Tate Marketplace
Los Angeles -- Regency Centers Corp. has broken ground on Juanita Tate Marketplace, a $21 million grocery-anchored shopping center in underserved South Central Los Angeles.
Anchors include a 42,500-sq.-ft. Northgate Gonzalez Market and a 14,576-sq.-ft. CVS/pharmacy. The remaining space will include small shops, quick-service restaurants and a 1050-sq.-ft. educational community center operated by Concerned Citizens of South Central Los Angeles, a community revitalization group once led by Juanita Tate, who died in 2004.
The property is a remediated brownfield formerly used as a metal scrap yard, an automobile oil filter recycling facility and an abandoned railroad right-of-way.
Regency Centers is developing the 77,096-sq.-ft. project in partnership with CCSCLA. The Community Redevelopment Agency of Los Angeles, which was shut down last year, helped move the project forward at a key moment.
CRA/LA commissioned CBRE, then known as CB Richard Ellis, to conduct market studies, which discovered sales leakage of more than $400 million.
Demographic studies favored the development, too. A dense population of 450,000 resides in an estimated 110,388 households within three miles of the proposed site. Average household income is $42,223 per year. Traffic studies showed that 53,000 vehicles pass the site daily.