Piazza Developer Submits Revised Proposal to City Hall

Planning Commission to review plans in February.

Written by MATTHEW WONG / Published November 18, 2011 (ONLINE ONLY)

Randy Wang, the developer of the Piazza project, has submitted revised plans to City Hall for his new project, City Manager Jose Pulido on Thursday announced.

The City received the developer’s latest site plan and architectural drawings, according to Pulido.

“Staff is reviewing these plans in detail, and is on schedule to meet the proposed entitlement process prescribed in last week’s report,” he wrote in his January 20, 2011 weekly city manager’s report.

The city manager also stated that a Planning Commission meeting will conduct a public hearing on February 22 to review the developer’s plans. On March 15, the City Council will hold its own public hearing on the project.

Thus far, the developer is meeting the deadlines that Community Development Director Steve Masura set this month.

The Piazza project, now renamed the Temple City Plaza, is being proposed as an urban center. The plans include two restaurants, two retail pads, and a market. Second-story office spaces will also be available.

According to the developer’s team, a number of retail stores are interested in the project. They include Smart and Final and Trader Joe’s.

Last October, Wang successfully received the “California Pacific Group Regional” designation, which was granted by federal officials. The designation enables his project to be qualified as part of the EB-5 Immigrant Investor Program.

If the developer receives City approval by March 31, he will be able to solicit foreign investors, who will give either $500,000 or $1,000,000. In exchange for their investment, they will be eligible to receive a permanent US residency visa.

At the January 4 city council meeting, Wang stated he hoped to attract 40 investors, or raise $20 million.

Wang’s Piazza project was originally approved in May 2006 and was widely expected to be built by August 2009. There is currently no deadline for the developer to comply by. However, the City will have the option to use eminent domain on his parcel in February 2015, according to City Attorney Eric Vail.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s