Three floors of Sears' former catalog distribution center will be gutted to make room for the new store. It will boast 45,000 sf more of retail space than the area's current Sears store, which is attached to the empty, 10-story catalog distribution complex. Completion is slated for August 2002.
The entire Sears tract, which is owned by Scottsdale, AZ-based developer Univest, has been targeted for redevelopment into a retail and office complex that would encompass more than 1 million sf. Univest is already in negotiations that could bring a Super Kmart store to the site, and spokesman for the developer says.
The redevelopment project stems from Genesis LA, a private investment fund conceived by Mayor Richard Riordan in the late 1990s. Genesis was created to help spur development by manufacturing and technology firms in economically depressed areas of LA.
Boyle Heights is a largely Hispanic community only a few miles east of Downtown. Average household income in the area is far below that of the city as a whole.
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