Downey Approves New Mixed-Use Development

Posted on May 20, 2012 ยท Posted in Developers

Downey’s City Council approved plans for a new 77-acre mixed-use development called Tierra Luna Marketplace which will add 1.5 million square feet of office and retail space in addition to a hotel and a 14-screen movie theater. The project, which will see construction start in late 2012 / early 2013, is expected to create more than 3,000 jobs and generate more than $4 million in annual revenue from sales and taxes.

The development will feature up to 500,000 square feet of new office space (primarily medical), a 225-room hotel and a pair of 150,000 square foot spaces for big box retailers. Tierra Luna will be developed by Manarino Realty LLC and Industrial Realty Group and construction is expected to start in late 2012 / early 2013.

It will be interesting to see how the project turns out and you can follow the project’s progress on our blog.

Source: Retail Traffic