Project will open to public in 2014: senior project manager.
Written by TIFFANY KHA / Published August 24, 2012
The developer of The Gateway plans to begin a new phase for his project, according to a senior representative.
Howard Poyourow, the senior project manager, informed the city council on June 5, 2012, that Randy Wang plans to relocate underground utilities this summer. The work to relocate electrical, sewer, storm drain, gas, and water utilities, will be finished in August.
The senior project manager also laid out a revised timeline for the Gateway.
Above ground construction begins early 2013, while “tenant improvement” construction starts in the fall. Doors will open to the public in January 2014.
Suzie Koo, the developer’s real estate broker, also provided an update on tenant recruitment, stating that “People are very interested at the site.”
The developer has received nine to 10 letters of interest, including those from a bank, a restaurant, a spa, and a dentist. She also named Souplantation, Mimi’s Café, BJ Brewery, Buffalo Wild Wings, Olive Garden, as national restaurants the developer was soliciting. Additionally, Ms. Koo noted that the developer was securing a lease agreement with a nationally-recognized grocer.
After the updates on construction and tenant recruitment, Mr. Poyourow gave an update on the project’s financial situation. “We have 22 investors with their funds in escrow, at $500,000 per investor,” he said. “We expect more to come in very soon.” That figure, which contrasts with the city manager’s January statement that the developer had secured 23 investors, means the developer has $11 million, or half of what he needs for the completion of the project.
However, Mr. Poyourow stated, “We feel increasingly secure, month by month, day by day.”
City Manager Jose Pulido said the developer’s investment was a “great thing” and expressed confidence that financing for the project would be secure once tenant letter of intents were received. “It’s been a total team effort,” Mr. Pulido said.
A $20 million project, the Gateway at Temple City, is being developed as a 75,000 square foot Mediterranean-style retail, office, and shopping center at the corner of Las Tunas Drive and Rosemead Boulevard.