Midtown Crossing

Address:  Area bounded by Pico Blvd. on the north, West Blvd. on the east, San Vicente Blvd. on the west, and Venice Blvd. on the south

Project Area:  Mid City

Council District:  CD 10

PAC/CAC:  Mid City Recovery Project Area Project Area Committee

Neighborhood Council:  Olympic Park

Developer:  CIM Group

Project Cost:  $114 million

CRA/LA Investment:  $5 million

Funding Source:  Bond proceeds, HUD Section 108 loan program

Jobs:  200

Description:  The Midtown Crossing project redevelops a site that has been underutilized and blighted for years. This major catalytic project will include 377,000 square feet of commercial/retail uses, including an anchor store, a second national tenant, sit-down restaurants, and a new pedestrian-friendly Metro regional transit center. Midtown Crossing will create significant new sales and property tax revenues, new jobs, and provide goods and services to an underserved central Los Angeles neighborhood.

Redevelopment Goal:  Preserve and increase employment and business.

FY07 Milestones:  Execute Owner Participation Agreement and initiate construction Finalize tenants, implement the Owner Participation Agreement.

07/07

CRA/LA will assist with obtaining necessary permits and clearances for this 377,000 square foot retail project. Midtown Plaza includes major anchor tenants such as National Home Improvement Center, and a restaurant and incorporates a new MTA bus terminal. In addition, CRA/LA will provide a $4.3 million bond issue upon completion of the project.