500,000 Square Foot Power Retail Center Features All-Star Tenants

City Manager Paul Talbot was the Master of Ceremony on November 16th when he welcomed everyone to the groundbreaking of the Market Place. This is a very special day for Monterey Park.

“We’ve created a dynamic retail center that answers the wishes of our residents, for value and choice among retail offerings, while providing extensive economic benefits such as jobs and tax revenue,” commented Monterey Park City Manager Paul Talbot, who shepherded the project to this stage.

The City of Monterey Park, along with Jack Morris and Joe Marino developers of 
M & M Realty Partners-a venture backed by two industry-leading real estate development, property management and construction companies-celebrated the construction of the
Monterey Park Market Place Shopping Center on November 16, 2016. This new, long-awaited retail center is situated on a 45+acre property in the City of Monterey Park, where construction began this summer. The Market Place will be anchored by a full
service Costco Warehouse, as well as a Home Depot
and Garden Center. Other featured tenants include an
In-N-Out Burger and Chick-fil-A. The center is
expected to open by early 2018.

The site, located 10 miles east of downtown Los Angeles in the City of Monterey Park, is situated along the 60/Pomona Freeway, just west of Paramount Boulevard and will have access from Paramount Blvd and Potrero Grande Drive.

Mr. Talbot introduced Mayor Mitch Ing, Vice Mayor Teresa Real Sebastian, Councilmembers Stephen Lam, Hans Liang and Peter Chan, City Clerk Vince Chang and City Treasurer Joseph Leon.

He also introduced former Monterey Park elected officials: Mike Eng, Anthony Wong, David Lau, Rita Valenzuela, Frank Venti, Francisco Alonso, Betty Tom Chu, Theresa Amador and Dave Barron. He also introduced Schoolboard Member Henry Lo, who represented Assemblymember Ed Chau, Dr. Sophie Wong, and Montebello Mayor Pro Tem Vivian Romero. He thanked former City Managers Chris Jeffers and Lloyd De Llamas for their service to our community.

He thanked the M & M team; OPI, EPA, So Cal Edison, Cal Trans and the City of Montebello for making this dream come true. He also thanked all of the current and former elected officials and current and former staff members for their assistance on this project.

He also thanked the subcommittee: Frank Venti, Betty Tom Chu and Teresa Real Sebastian for helping the city with this project.

Mayor Mitch Ing welcomed all to this special event. We have been working on the Market Place since December 2001. Developers have come and gone. He thanked M & M for their foresight on this project. He gave a brief history on the city that is celebrating its 100th birthday this year. He thanked the City of Montebello for their support. He stated that the first phase of the center would be home to Home Deport, Costco, In-N- Out and Chick-fil-A. He is proud of Monterey Park.

Vice Mayor Teresa Real Sebastian said she is very excited to be here and this project is being built. She pushed for the Market Place. She thanked Jack Morris and Joe Marino for their vision for this project. It is going to happen. The residents are anxious to be shopping here.

Councilmember Stephen Lam said the Market Place is a strong use of vacant land. It took years for the Super Funds site to be cleaned up for this development with the assistance of several government agencies and property owners. He thanked the city leaders for their combined efforts to bring us to where we are today.

Councilmember Hans Liang stated it has been a long history of stops and starts for the success of the Market Place.  It took several generations of Councilmembers to carry the ball forward. We have all committed ourselves to the Market Place. It will create thousands jobs. He thanked the developers for their commitment. He thanked Paul Talbot and the city staff for their commitment. He thanked all of the guests for their attendance.

Councilmember Peter Chan said it is exciting to be here. The tent set up on the site reminded him of a wedding between M & M and the city. We sign our names to the papers and keep this project going. We will be able to dine and shop in Monterey Park. This development, when it is completed, is projected to raise $2 million in sales tax and $150,000 in property taxes. He thanked Montebello for their partnership.

Joe Marino, Partner M & M Realty, thanked the city for having faith and hope in them. They met with Frank Venti to begin the project. It is a crazy project. We all worked together to make it happen. Friendships were built and we have bonds that are tight.

Jack Morris, Partner M & M Realty, said he is happy to be here to work on this project .He thanked the city for trusting them to get this project done. He thanked Montebello for their assistance. He thanked Paul Talbot for working with them on this project for the last nine year.  We are so blessed to be here.

David Hirsch, Trustee of the Development Parcel of the Operating Industries, Inc. joined Joe Marino, Jack Morris and Frank Venti at the ground breaking.

He said it took almost ten years to close the deal with M & M Realty Partners, but we will now have an exciting development underway on the north parcel of the former landfill site

Enrique Manzanilla, Environmental Protection Agency Superfund Division Director, thanked the city for this development. He said one of our goals is to address environmental challenges left behind by industry so that real property can be restored and given back to the community for a safe and productive future. EPA supports this revitalization effort that will boost the local economy. It is a community project and one of our successes.

Shawn Parks, Costco Vice President, said they are moving to Monterey Park for a larger store with more parking and a gas station. He thanked Montebello for the 23 years that they invested in their current store. M & M will be developing their current location.  Costco and their customers are happy to be in Monterey Park.

The Monterey Park elected officials present M & M with a proclamation marking this special event.

Montebello Mayor Pro Tem Vivian Romero thanked all of the leaders in Montebello and Monterey Park for their foresight for this development in Monterey Park. Enjoy the Market Place.

Henry Lo, a Monterey Park resident, said he is happy to be here. He presented M & M Partners with proclamation from Assemblymember Ed Chau on this special occasion. This represents our city’s motto “Pride in the Past and Faith in the Future”.

Jacqueline Derimow from the Montebello Chamber presented a proclamation to M & M. She congratulated Monterey Park on this success.

Cynthia Brooks, Distinctive Catering Incorporated from Pasadena catered this special event under a tent set up on the site.

The elected officials and developers joined in the symbolic ground breaking of the Market Place.