CITY HALL JOURNAL : NORWALK : City OKS $23-Million Commercial Complex
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The City Council has approved a $23-million retail and entertainment complex that will include 24 movie theaters, five restaurants and 10,000 square feet of retail space on a 10-acre site at Norwalk Boulevard and the Santa Ana (5) Freeway.
Council members Judith Brennan, Robert J. Arthur and Michael Mendez voted for the development. Mayor Luigi A. Vernola and Councilman Gordon Stefenhagen abstained. Both own land near the site.
Developer Rex Swanson said the development should attract 1.6 million to 2 million people per year and will bolster the city’s dwindling retail sales tax base. The city has agreed to a 99-year lease with Swanson’s El Segundo-based Metropolitan Development Associates, which guarantees the city $450,000 a year, the developer said.
Swanson said the complex will be finished in three to four years.
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