After Eight Years, Black-Owned Company Wins $700 Million to Redevelop South Central LAby GDN Shared Post October 10, 2017
A $700 million project to redevelop a neighborhood in South Central Los Angeles has been approved by The Los Angeles Planning Commission. The proposal was made by Black-owned Capri Investment Group, headquartered in Chicago, and includes homes for low-income earners and an expanded and revitalized shopping mall.
Chairman and CEO of Capri, Quintin E. Primo III, has been waiting for approval for 8 years. After final approval from the Los Angeles City Council, he can begin his master plan which includes 961 condos and apartments, a new 400-room hotel, a 10-story office building, retail stores, and restaurants. By tripling the plaza’s size to over 3 million square feet, the new complex will provide additional retail/restaurant services and replace surface parking with new housing conveniently located near public transit.
More housing and jobs coming to South Central LA
Some initially had concerns that the new complex would hurt black residents from nearby areas with limited financial resources. However, according to Luci Ibarra, a senior city planner with the Los Angeles Department of City Planning, no one would be directly displaced by the redevelopment project because there are no homes currently at the site. In fact, the project will result in more, affordable housing and better housing choices for low-income residents.
In addition, 25 percent of all jobs created during construction and operation of the expanded plaza will be offered to local residents, resulting in more jobs, more housing, and a better place for people to live, work and enjoy a good quality of life.
The $700 million investment by Capri is the first time that amount of private commercial capital has been invested in South Los Angeles. Primo is very optimistic about the value it will add to South Central Los Angeles, adding, “While there still is a governmental and community process to be completed for this large, complex and socially impactful investment, we believe its redevelopment holds the potential to become the new City Center for South Los Angeles, a chronically underserved minority area.”
Stores and businesses that will remain and continue to operate include the 15- theater Cineplex, anchor stores Macy’s and Sears, and all other retailers at the mall. Final approval by City Council is expected to be attained later this year.
For more details about Capri Investment Group, visit www.capri.global