CDC - Item 6 - Development Proposal From Anthony Venti Realtorsi
Memorandum
To: Bill Crowe, Executive Director
From: Stephen Copenhaver, GRC
Date: June 20, 2002
Subject: Development Proposal from Anthony Venti Realtors,
Inc./GRAE Ventures (NEC of Temple City Blvd. & Valley
Blvd.)
3
At a recent Community Development Commission meeting, a Board member requested
a status report concerning the proposal from Anthony Venti Realtors, Inc./GRAS
Ventures. This proposal was one of three preliminary submittals received in response
to an informal request for projects to developers that had been calling the City with
interest in the northeast comer of Temple City Boulevard and Valley Boulevard.
The subject proposal, attached hereto as Exhibit °A", was characterized by the
developer as a letter of interest and it stated that Lowe's Home Improvement Stores
would be interested in approximately 12 acres at the subject location. The submittal
did not include a site plan or any correspondence from Lowe's confirming their
interest. The parcels outlined on the hand drawn map submitted with the letter of .
interest did not match the minimum lot area required for a major home improvement
store of between 150,000 and 170,000 square feet. The letter also did not attempt to
address project economics or any request for assistance other than mentioning that
condemnation assistance may be required.
The subject developer along with the other companies that expressed tentative interest .
in the location were subsequently requested to submit additional detail to allow the '
Agency to analyze the feasibility of their preliminary submittals. The requested
information is typical of the content submitted by developers throughout California to ,
redevelopment agencies. The three most substantial aspects are: 1) letters of intent
from named anchor tenants; 2) a dimensioned site plan and proforma illustrating the
nature of a proposed project and the economics associated with it; and 3) a
presentation outlining any request for Agency assistance and the justification for the
request.
The above described information is particularly important for the Lowe's proposal
because the minimum lot size would require assemblage of property outside the
redevelopment project area boundaries and the area outlined on the submitted map by
the developer is not large enough for Lowe's. Lowe's would be a very strong retail
tenant, but at this time we do not know if Lowe's is truly interested and, if the retailer
is, at what project economics. Staff has placed a phone call to Lowe's to receive
confirmation and as of this date has not received a return call.
COMMISSION AGENDA
JUN ? 5 2_pn2'
ITEM No. 6-
s
June 20, 2002
Page 2
Hopefully, the subject developer and the other developers that expressed interest in
pursuing the project will submit more complete proposals on or before the deadline for
submittals that has been set for the end of June.
Recommendation
Direct staff to submit to the Board any development proposals submitted for Temple
City Boulevard and Valley Boulevard along with a staff analysis of the project
feasibility.
Antho0y 'yenti
REALTORS, INC.
200 S. Garfield Ave., Suite 108
Alhambra, CA 91801
Office: (626) 282.6121
Fax: (626) 282 •3047
yLarch 25. 2002
Mr. Frank Tripepi
Cite Administrator
City of Rosemead
8838 E. Valley Blvu.
Rosemead. CA. 91970
RE: NEC of Temple City Blvd. R Vall ey Blvd.
Rosemead, CA. .
Dear Frank;
Enclosed please find a letter of interest from GRAE Ventures; LLC for the above
referenced location-
1 have also enclose d a highlighted plot map showing the proposed parcels to be included
in the development.
GRAS Ventures i I eager to move forward and sign an Exclusive Agreement with the
city.
Sincere ,
Mark R. Paulson
Senior Associate
/I /A
Specializing in Sales and Leasing • Residential • Commercial • Industrial • Apartment Buildings • Property Management
i
March 21„ 2002
Mr. Mark Paulson
ANTHONY VENTI REALTORS
200 S. Garfield Avenue
Suite 208
Alhambra, California 91801
RE: NORTHWEST CORNER TEMPLE CITY BLVD AND VALLEY BLVD.
ROSEMEAD, CALIFORNIA
Dear Mark,
We appreciated the opportunity of meeting with Mr. Tripepi and his staff to discuss the
development at the Northeast comer of Temple City Blvd. and Valley Blvd.
We have contacted all of the major grocery stores, and unfortunately not a single one
has indicated an interest in this location. Food 4 Less had the most significant interest
approximately 6 months ago.
However, we have received an initial interest from Lowe's Home Improvement stores.
As you know, the average Lowe's will do $45 million in annual taxable sales.
Their requirement is a 12-acre site, which will require a tremendous amount of time for
assemblage, and possible condemnation assistance from the city.
We are very interested in pursuing this development with the City of Rosemead. Please
advise us if there is equal interest on the city's part
Si re ,
raha r. n
President
GRAE Ventures, LLC
GA:fo
1801 CENTURY PARK EAST, CUTE 1080 LOS ANGELzS C.4.UFORTIA 90067, PHONE 310.151.4900 FAX 310.552-20M
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