Last year, the city council approved a $50-million plan to acquire the aging shopping center and turn it over to a private developer who plans to transform it into 300,000-sf of shops, restaurants and mercado. The city council is confident that the $50-million project will boost the city's economy.
However, the center's property owners and merchants contested the city's decision, saying that it was wrong for the city to take over private property and give it to Blake Hunt Ventures, a private developer. The current owners argued that they have spent more than $6 million to renovate the mall.
This week, Elfying rejected the property owners' request to delay the takeover until a trial was held to determine the legality of the takeover. The judge permitted the city to take possession of the property on May 7.
With this court order, the city will acquire four parcels at the Tropicana from the following property owners: Dennis Fong and Polly Kam, who own a parcel at the King and Story intersection; John Kim Jr., Kayko Kim, Katsuyoshi Murano and Ann Murano, who own 1167 S. King Road; Albert Toy and Lily Wong, who own 1101 S. King Road; Stanley Lee and Sylvia Lee, who own 1175 S. King Road.
The city is now seeking a court order to acquire six more Tropicana parcels. The city would not reveal the buyout prices but the redevelopment agency has earmarked $28 million for the acquisitions.
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