More than 150 residents, city officials and developers gathered to celebrate the ground breaking of the Monterey Park Market Place, a 500,000 square foot mega shopping center to be built along the Pomona Freeway on Monterey Park's southern boundary. The city was joined in the groundbreaking by the developer, M & M Realty Partners, a venture backed by industry leading real estate development, property management and construction companies.
The turning of the soil was simulated in a large wooden trough that enabled many people to wield chrome shovels to dig into the soil inside a large tent. The planned shopping center is located alongside the Pomona Freeway, just west of Paramount Boulevard and will have access from Paramount Boulevard and Potrero Grande Drive.
The shopping center will feature a Home Depot Hardware Center, a new Costco center, and an In-N-Out and Chick-fil-A fast food restaurants.
"Our residents are very excited to be able to shop at Costco and Home Depot, as well as to dine at In-N-Out and Chick-fil-A," stated Monterey Park Mayor Mitchell Ing.
"The tenants committed to the site are first class and in high demand. We expect tremendous success at the location for our residents, the developer and the outstanding tenants," Ing said.
Some of the speakers made reference to a groundbreaking held 2000 at the same site by a previous developer who was not able to complete the project. However, speakers pointed out that a large amount of work has been completed to prepare the site for construction. The man-made berm that separated the site from the Pomona Freeway has been removed. The site is now visable from the freeway where several hundred thousand cars travel each day.
City Manager Paul Talbot, who spearheaded the latest effort to build the Market Place Center will be retiring from his position at the end of November. Serving as master of ceremonies, Talbot recognized many past city officials and city officials who played a role in the development of the shopping center.
Officials said they expect the shopping center will be completed by the end of 2018 with Costco opening in the Spring of that year. They expect it will bring in several million dollars a year in retail sales taxes. Monterey Park will share sales taxes with Montebello for allowing access from Paramount Boulevard to the shopping Center.