The developer selected to renovate the Atlantic Square Shopping Center in Monterey Park announced Tuesday that he has finally obtained a loan commitment for the $50-million redevelopment project, ending a months-long waiting period that had city officials wondering about the fate of the aging shopping mall.
The City Council had set an April 29 deadline for developer Robert D. Champion to secure funding for the project, which had been delayed because Champion had trouble obtaining a $29-million loan.
Despite two council members' objections, city officials had given Champion two extensions before setting the final deadline, citing tighter bank lending policies during the recession.
Originally, the project was to have been completed by Thanksgiving, 1990. Now Champion says he is aiming to begin construction by this summer and to complete it by the middle of next year.