The City Council has given final approval for a Torrance-based company to build the $130-million Towne Center development, which is expected to create 4,420 jobs and pump millions of dollars into the local economy over the next century.
The five-member council last week voted unanimously for Transpacific Development Co. to build an eight-story, 400-room luxury hotel, several restaurants and a series of office buildings with more than 1 million square feet of space across from City Hall at Bloomfield Avenue and 183rd Street.
Transpacific is to build the project in stages beginning in December and continuing through 1994, starting with the hotel and office buildings.
The development will be within 48.5 acres of the "Golden Triangle," a vacant site of about 125 acres bounded by Bloomfield, 183rd and the Artesia Freeway. The entire site was purchased by Cerritos in 1982 for $38.6 million.