City Manager: An investor has already committed to the project.
Written by AMY FAN / Published January 20, 2011
A foreign investor has already committed to The Gateway project, City Manager Jose Pulido on Thursday announced.
The unnamed investor deposited half a million dollars into an escrow account, he stated in the May 26, 2011 city manager’s weekly report.
Mr. Pulido also noted that he met with a second potential investor on Thursday.
“Within only a couple of weeks, Mr. Wang and his colleagues…have secured three preliminary funding commitments,” the city manager wrote.
The Gateway project, formerly the Piazza at Temple City, was approved by the city council on April 5.
Developer Randy Wang has proposed a 75,000 square foot Mediterranean-style retail and office center. The $24 million project, which sits at the corner of Las Tunas Drive and Rosemead Boulevard, will be made of four buildings, an architectural element, and 331 parking spaces.
Mr. Wang is tentatively planning a ground breaking for February 2012.
Now that The Gateway is recognized as part of the federal government’s EB-5 immigrant investor program, the developer is trying to attract foreign investors to finance his project.
“The team is confident that they can capture 48 investors to cover a majority of the project’s total $24 million price tag,” Mr. Pulido affirmed.
While The Gateway project progresses along, the conclusion of the Piazza corruption scandal draws nearer.
Earlier this month, former Temple City Mayor Cathé Wilson was convicted by a jury on several counts of bribery and perjury charges. She is expected to be sentenced next month.
Another mayor is also serving a 16-month sentence in state prison.