The third groundbreaking is expected in early 2012.
Written by MATTHEW WONG / Published April 20, 2012
Developer Randy Wang has secured $1.5 million for his Gateway project, according to City Manager Jose Pulido.
Three investors fully committed $500,000 each to support the $20 to $24 million project, the city manager reported on the November 3, 2011.
In addition, 16 investors are in the process of making their own commitments of half a million dollars each. Eight have “seriously expressed interest” and are “reviewing their options,” Mr. Pulido stated.
Mr. Wang is hoping to attract 40 to 48 investors. The developer has directed his attention toward Chinese investors to finance the Gateway, now that his project is part of the federal government’s EB-5 immigrant investor project.
“It is important to note that participants are making a major investment, not like purchasing a home or business, but many times more complex. This heightened complexity results from the fact that foreign investments must satisfy the oversight demands of at least two sovereign nations, each of whom is adamant about homeland security, immigration, economic well-being, etc.,” the city manager wrote.
The Gateway, to be built at the corner of Las Tunas Drive and Rosemead Boulevard, is proposed as a 75,000 square foot Mediterranean-style retail and office center. Four buildings will be constructed to replace the vacant land, which was formerly a site for a theater and office building.
According to Mr. Pulido, a groundbreaking for The Gateway is scheduled for February 2012. That would be the third, including the two previous ones for the Piazza Las Tunas or Piazza at Temple City project.
Additionally, Mr. Pulido noted that city plan check of construction documents should be completed by November 15.
Meanwhile, the Pasadena Star News in October reported that former Temple City Mayor Cathé Wilson is filing an appeal of her bribery and corruption convictions related to the Piazza corruption scandal. Ms. Wilson is being represented by attorney Stuart Faber.