EL MONTE, CA – The Festival Companies and the City of El Monte broke ground this month on the “Santa Fe Trail Plaza”. The project is located at the northeast corner of Valley Blvd and Santa Anita Ave and features ground up construction of a new lifestyle retail center. The project is the first newly constructed project of its kind and size in El Monte in over 25 years and consists of approximately 110,000 square feet of new grocery, soft goods, retail shops and casual dining options. The developer and the City collaborated to bring much desired nationally and regionally branded stores and restaurants to the City, most of which are opening their first store in El Monte. The initial line-up includes retail giant Ross Dress For Less, Superior Grocers, Petco, and many more under negotiation.
Project Site History – The Project site, spanning an estimated 15 acres across 50 individual lots, was assembled over a 10 year period by Festival and the former Redevelopment Agency, and this ground breaking marks a successful conclusion to exhaustive efforts by both the developer and the City staff to complete a difficult assemblage. In the early 2000s the Project site was identified as being ripe for redevelopment given its proximity to one of the most prominent commercial corners in the San Gabriel Valley: Santa Anita Ave and Valley Blvd. The site also had the distinction of being the “end of the Santa Fe Trail”, leading to the Project’s current name branding. At the time the assemblage effort commenced, the site featured older, blighted homes and apartments, functionally obsolete commercial buildings and a small dated shopping center. The vision was to convert the mostly blighted area into a 21st century shopping and dining destination experience, and to attract first in class, high quality national and regional brand name stores that currently were not in El Monte. When redevelopment agencies were eliminated statewide back in 2011, Festival and Staff continued to work diligently to hold the project together and complete the land assemblage. The Project was approved in April 2014 and will come online in 2015 with no financial subsidies to the project or developer.
Local Benefits – The Project will be anchored by a full service grocery store (Superior Grocers) offering fresh fruit and produce, fresh meats and dairy, and prepared foods daily. In addition the Project has a high focus on outdoor gathering and pedestrian connectivity, and therefore features generous patios, plazas, and lush landscaping to encourage outdoor dining and community gathering on site. The Project will generate substantial net increase in sales tax to the City, as well as opportunities for hundreds of new jobs. In addition, the Project will stimulate additional interest from national and regional brand stores and restaurants to expand into the City of El Monte, creating a substantial multiplier effect on job creation and tax revenues to the City.
About The Festival Companies
Festival Development Corporation is an affiliate of The Festival Companies, a leading developer and operator of retail and mixed-use properties, and a full-service commercial real estate advisory firm. Headquartered in Los Angeles, California, Festival is recognized nationwide as a respected innovator of urban in-fill shopping center redevelopment and ground-up development projects, transforming real estate into quality retail destinations that suit their unique locations and demographics. Since 1980, Festival and its founding principals have successfully acquired, developed, redeveloped and operated more than 120 retail shopping center projects in a broad array of retail property types — including regional malls, high-quality street retail projects, lifestyle center destinations, resort centers, community centers, neighborhood centers, urban retail and retail-driven mixed-use properties. Please visit www.FestivalCos.com for more info and a partial track record of completed projects.