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City Decides to Sell Shopping Center Site

October 29, 1998|SUE FOX

The City Council voted Wednesday to sell the Pacoima Plaza Shopping Center property to the center's developer.

The shopping center, which features a Food 4 Less grocery store, drugstore and other shops, is situated at Glenoaks and Van Nuys boulevards.

Proceeds from the $2.67-million sale to the Pacoima Plaza Partnership will be split between the city's Community Development Department, which will get 56% of the money, and a city loan fund for businesses that want to invest in Los Angeles.

Councilman Richard Alarcon, who represents the area, said the sale would allow the city to reinvest in neighborhoods that need an economic boost.

"Particularly in troublesome areas, where first-rate businesses and commercial retailers might not be inclined to invest, we can use this as part of an economic development strategy," he said.

The shopping center was the first in its area when developers built it 14 years ago, said Herbert Piken, managing partner of the Pacoima Plaza Partnership. The center helped revitalize the neighborhood, he said.

The developer's purchase of the land brings the cycle of economic development full circle, Piken added.

"What this does is it gives the city money, hopefully to get another project started in some area," he said. "Ours is going full speed."

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