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IDM, Japanese Firms Form Partnership

October 18, 1987

IDM has signed a joint venture partnership with three Japanese firms--Kowa Bussan, Arai Shoten and Kumagai Shoji--to develop El Paseo Center in Westlake Village.

The 28-acre mixed-use development, with an estimated $40-million, three-phase construction cost, will be completed in about five years. It will be located on the southwest corner of Kanan and Lindero Canyon roads in the North Ranch section of Westlake Village.

Construction of Phase 1, scheduled to begin in the first quarter of 1988, will consist of 120,000 square feet for shops and restaurants, including a 55,000-square-foot market/sundries store.

IDM is a California-based development/investment firm; Kowa Bussan, Kumagai Shoji and Arai Shoten, all successful Japanese-based real estate development firms, are involved in a variety of joint-venture partnerships.

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