The Price Club plans to move from Cerritos to Norwalk, building a 100,000-square-foot store at the site of the closed Hoxie Elementary School, city officials have announced. The school, located on Hoxie Avenue east of the 605 Freeway, is owned by the Norwalk-La Mirada Unified School District.
The discount store is expected to generate for Norwalk approximately $800,000 in annual reveune from sales taxes, City Council member Lou Banas said. The council plans to schedule a public hearing and a vote on the proposed lease later this year.
"We have had serious negotiations for more than a year and it really came down to a high stakes tug-of-war between us and the city of Cerritos," Banas said. "This is a major improvement for Norwalk."
The move of the Price Club was coordinated by the city's Redevelopment Agency, which two weeks ago announced projects worth $75 million, including an auto dealership, a major expansion of Paddison Square shopping center and a new supermarket.