Council OKs Sale of Plaza Shopping Center
The Los Angeles City Council has agreed to sell the Pacoima Plaza Shopping Center to its developer.
The center, which holds a Food 4 Less grocery store and other shops, is located on city-owned property at Glenoaks and Van Nuys boulevards.
Proceeds from the $2.67-million sale to the Pacoima Plaza Partnership will be split between the city’s Community Development Department and a city loan fund for businesses that want to invest in Los Angeles.
City Councilman Richard Alarcon, who represents the area, said the sale would allow the city to reinvest in neighborhoods that need an economic boost.
“Particularly in troublesome areas, where first-rate businesses and commercial retailers might not be inclined to invest, we can use this as part of an economic development strategy,†he said.
The shopping center was the first in its area when developers built it on city land 14 years ago, said Herbert Piken, managing partner of partnership. It helped revitalize the neighborhood, he said.
The purchase, he added, “gives the city money, hopefully to get another project started in some area.â€
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