City Manager: Developer needs City approval to proceed.
Written by MATTHEW WONG / Published September 30, 2011
Struggling to finance his new project, Piazza developer Randy Wang is now looking abroad for assistance.
The developer, who successfully applied for the EB-5 Immigrant Investor Program, is asking Temple City to approve its current project proposal by March, City Manager Jose Pulido wrote in his December 2, 2010 weekly report.
According to the city manager, Wang’s project has been designated as the “California Pacific Group Regional” under the U.S. Customs and Immigration Service. This designation allows Wang to ask foreign investors for either a $500,000 or $1,000,000 investment in exchange for a permanent residency visa.
Wang asked for the designation in April and was granted approval in October, Pulido said.
“Given the limited availability of commercial lending opportunities due to the current economic climate, this is actually great news because it provides the Temple City Plaza project with another venue for investment to take place sooner rather than later,” the city manager stated.
However, in order for Wang and his development team to begin recruiting foreign assistance, Temple City needs to approve the developer’s current project plans by March.
Wang has assembled a development team that includes Howard Poyourow as project manager, Armando Aguirre, a commercial broker, and Suzie Koo, a real estate broker.
Despite the relative progress made since the City and developer mended relations, Wang’s property on the corner of Las Tunas Drive and Rosemead Boulevard remains vacant.
The city manager, though, has been actively working to push for progress since he took over City Hall in October 2009.
Unfortunately, an investigation over alleged bribery stopped the piazza from being built.
Former Temple City Mayor Cathé Wilson is expected to face a trial over allegations that she demanded bribes in exchange for her support of the Piazza project.
Two former city officials also resigned from the City Council. A former mayor stepped downed in 2009, while another former mayor, who stepped down earlier this year, is currently serving her 16-month sentence in state prison.