Learn about the new commercial construction planned near the Los Alamitos Race Course.
Recently, the Cypress City Council approved the sale of a 13-acre plot for new commercial construction planned near the Los Alamitos Race Course. The plot will be used for a mixed-use project consisting of a 120-room hotel, a 251-unit, four-story apartment building, 64,000 square feet of commercial retail and restaurant space, and a luxury cinema.
Upon the project’s completion, city officials predict that the center will generate more than $750,000 annually in revenue. Councilman Jon Peat notes that the new development will help the city’s financial goals and provide benefits to the community.
This project marks the fourth time the city has attempted to redevelop the site, as past development plans were stalled by the recession. This newest plan is the answer to voters’ wishes for a mixed-use master-planned development that will bring amenities and new housing opportunities to the city.
The project will be developed by Shea Properties. Kevin McCook, Vice President, Retail Acquisitions and Development of Shea assured the city council that the finished project would be a first-class destination. He also noted that the hotel would be a Hilton. McCook assured, “We want people to come here as a destination and want people to enjoy [their surroundings]. That is how we attract first-class quality tenants.”
This is what you need to know about the new commercial construction planned near the Los Alamitos Race Course. Interested in staying up to date with the latest commercial real estate news? If so, then contact the experts at California Commercial Realty Advisors, Inc. Our dedicated team is ready to assist you with all your real estate needs today.