Chamber News, Events

MORE SHOPPING OPPORTUNITIES COMING TO MONTEREY PARK: MARKET PLACE COMMERCIAL CENTER BREAKS GROUND

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Dora Leung, Chamber President flanked by Jack Morris (l) and Joe Merino, M&M Realty Partners, New Jersey
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Chamber Boardmember (l-r) Caleb Kwok, Steve Ramirez, Isabel Wu, Dora Leung (President), Jack Morris, Teresa Amador, Vivian Romero (Montebello Vice Mayor) and Joe Merino

The City of Monterey Park, along with developer M & M Realty Partners, a venture backed by two industry-leading real estate development, property management and construction companies, celebrated the construction of the Monterey Market Place Shopping Center on November 16, 2016. This new, long-awaited retail center is situated on a 45+ acre property in the City of Monterey Park, where construction began this summer. The Market Place will be anchored by a full service Costco Warehouse, as well as a Home Depot and Garden Center. Other featured tenants include an In-N-Out Burger and Chick-fil-A. The center is expected to open by early 2018.The site, located 10 miles east of Downtown Los Angeles in the City of Monterey Park, is situated along the 60/Pomona Freeway, just west of Paramount Boulevard and will have access from Paramount Blvd and Portrero Grande Drive.

“Our residents are very excited to be able to shop at Costco and Home Depot, as well to dine at In-N-Out and Chick-fil-A” stated Monterey Park Mayor Mitchell Ing. “The tenants committed to the site are first-class and in high demand. We expect tremendous success at the location for our residents, the developer and the outstanding tenants”.

“We’ve created a dynamic retail center that answers the wishes of our residents, for venture and choice among retail offerings, while providing extensive economic benefits such as jobs and tax revenue” commented Monterey Park City Manager Paul Talbot, who shepherded the project from inception to this stage.

Joe Marino, Partner M &M Realty Partners said, “We are excited to break ground and move closer to realization. We have worked closely with numerous agencies to bring this project to fruition. When completed, it will be a great shopping center that creates terrific business opportunities for our tenants, tremendous new revenue for the city and hundreds of new jobs to the entire community.

Enrique Manzanilla, Environmental Protection Agency Superfund Division Director said, “One of our goal is to address environmental challenges left behind by industry so that real property can be restored and given back to the community for a safe and productive future. EPA supports this revitalization effort that will boost the local economy.” “It took almost ten years to close the deal with M & M Realty Partners, but we will now have an exciting development underway on the north parcel of the former landfill site” stated David Hirsch, Trustee of the Development Parcel of the Operating Industries, Inc. site.

M&M Realty Partners is a privately-owned and financed company created by east-coast based Edgewood Properties, Inc, and JMP Holdings. The company owns and manages over 6,000,000 square feet of retail/commercial space. Among the company’s notable achievements is the redevelopment of the 223-acre former Garden State Race Track in Cherry Hill, New Jersey. The Garden State Park project is one of the largest mixed use projects in New Jersey and transformed the once–vacant racetrack into a walk-able $800 million Lifestyle Center, featuring over one million square feet of retail and commercial space and approximately 1,700 upscale residences. M & M Realty Partners possesses extensive, large-scale development experience in the commercial, residential and mixed-use sectors, expertise in environmentally-sensitive properties, and strong financial resources.

GMPCC welcomes M&M Realty Partners to Monterey Park. Dora Leung, President of GMPCC, states “We look forward to working with M&M Realty Partners as well as their future tenants so that residents of Monterey Park and surrounding communities will be able to have access to all the products and services they want locally.”

Questions may be directed to (626) 570-9429.

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