MJW Eyes Prominent Retailers in East L.A.
Santa Monica, Calif.–based real estate developer MJW Investments has set its sights high in its effort to draw quality national retailers to a new mixed-use development it’s planning in the Boyle Heights neighborhood of East Los Angeles.
MJW President Mark J. Weinstein confirmed that the company is negotiating with Target Stores Inc. to anchor the retail element of the project, which is planned for more than 600,000 square feet of space next to about 800 apartments.
The retail addition is welcome in the area since residents have few options outside of the existing Sears store on the 23-acre project site, Weinstein said. More than a million people inhabit a five-mile radius around the project.
“There’s nothing for miles,” he said. “They have to go to places like the Montebello Town Center or come downtown.”
In addition to Target, Weinstein said numerous letters of intent have been signed with other prospective retail tenants.
“We’re looking at a grocery-store anchor,” he added, “as well as drugstores, a Starbucks, and restaurants and entertainment tenants.”
Weinstein added that Sears, Roebuck & Co. officials have told the company they plan to convert the existing store into a Sears Grand store, a relatively new concept, which provides one-stop shopping opportunities with food goods as well as soft and hard goods.
The developer said it could be some time before a lease is signed with a retail anchor. MJW is busy drafting an environmental impact report for the project, which will take several months. The project has been placed on high-priority status with the city of Los Angeles’ Community Redevelopment Agency. MJW officials hope to start construction within a year. —Robert McAllister
