Sares-Regis’ redevelopment of the Marina Marketplace mall is now one step closer to reality.
The Irvine-based firm has completed its draft environmental impact report for the Paseo Marina project, two-and-a-half years after first filing plans for it, according to Urbanize. Without further delay, Sares-Regis is on track to break ground on it next year.
The Paseo Marina project would redevelop 6 acres where the mall now stands along Maxella Avenue at Lincoln Boulevard and Mindanao Way, creating 658 apartments and 27,300 square feet of retail space. There would be 66 units set aside for low-income renters. Three buildings are planned and walkways, or paseos, will cross the property.
London & Regional Properties bought the Hotel MdR next door to the Marina Marketplace last May for $127 million, citing steady demand from the tech sector. The hotel essentially shares a parking lot with the future Paseo Marina.
The project is just across Lincoln Boulevard from Pier 44, where Golden West Properties is developing a commercial and boating complex. Supermarket chain Trader Joe’s plans to open a 13,400-square-foot outpost there.
The project is subject to a public comment period, after which it will go the L.A. City Council for approval. Lawmakers could create conditions for approval, which means the project could change. [Urbanize] — Dennis Lynch