La Palma officials have begun negotiations with a developer to renovate a property off Orangethorpe Avenue and Valley View Street. The site offers 114 acres for development.
Recently, city officials entered into exclusive negotiations with Eight88 Hospitality, based in Mission Viejo. Among the company’s clients are Holiday Inn and the Queen Mary. The agreement gives the parties as long as five years to create a proposal for renovating the property. At present, an industrial park and Centerpointe, an office hub, occupy the land.
The agreement was the result of Eight88 approaching La Palma with its idea for a mixed-use area that would include up to four towers of condominiums with as many as 1,000 condos in total. A park, entertainment venues, shops, restaurants, and a 300-room hotel could also be included. Some of the office buildings currently on the site might be incorporated into the development. Officials might consider using Print shops to create a newsletter for residents, describing the effort.
Laurie Murray, La Palma’s city planner, emphasized that negotiations with Eight88 Hospitality are just beginning, and the process could take three years. The exclusivity of the agreement means that La Palma will not talk to any other developers in the meantime.
Murray added that the project could diversify the sources of revenue available to the city. It will also updated and revitalize an area Murray describes as “aging and tired.”
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