LOCATION:
Los Angeles, CA
Retail, Commercial
Groundbreaking: 1995
Completed: 1997
Total Development Cost: $12,450,000
MAJOR TENANTS:
Ralph’s, West Coast Dental, Sally’s Beauty Supply
MORE INFORMATION:
Adams Vermont Renaissance Plaza is a 75,000 square foot retail shopping center built along the Vermont Business Corridor which borders the University of Southern California (USC).
This complex development not only required the design, development, and construction of a major first class retail shopping center, but also included the moving of 3 historical homes off site and to a nearby location.
This development, while it sits on a 2 major corners, backs up to a residential area which required a number of design characteristics to be taken into consideration which are not needed in traditional retail development.
The primary goal of the Adams-Vermont Shopping Center was to provide a full service supermarket for the surrounding area, a goal that was achieved. In addition to providing a major chain supermarket, the shopping center also provided some minimal leasing opportunities for small businesses.
The project also served to create 350 temporary construction jobs, and about 130 permanent jobs.107 Seventy per cent of the contract work went to minority-owned firms, and 35 to 40 percent of the permanent jobs went to local residents. The high minority and local participation in the project was made possible through the partnership with the developer and contractor with strong community ties and through the participation of
local community groups working to link jobs to residents.
Bakewell Construction was the general contractor on the property. The project consisted of a number of African American and women owned and operated construction companies. This lead to The Bakewell Company being recognized for hiring a record amount of minority contractors in the history of the Los Angeles community Redevelopment Agency.
Construction on the Plaza began in 1995 and the Plaza was completed in 1997.
This commercial development was funded through The City of Los Angeles, Community Redevelopment Agency (CRA) and a developer loan through Union Bank.