The Los Angeles Community Redevelopment Agency has given a $125 million mixed-use redevelopment plan the go-ahead, and agreed to allocate $42.2 million to support the project in one of South Los Angeles’ most neglected areas.
Marlton Square, a 22-acre site adjacent to the Baldwin Hills/Crenshaw Plaza Mall, will be developed by a joint venture between Los Angeles-based Capital Vision Equities and football star Keyshawn Johnson’s Keyshawn Capital Development LLC. It will include a 140,000 sq. ft. retail center, 180 senior apartments, 140 single-family homes and 1.8 acres for public use.
"This is one of the most significant real estate opportunities in Los Angeles," said Christopher Hammond, CEO of Capital Vision Equities, in a statement. "It is a large, underused site with compelling demographics — a population with significant disposable income that has been overlooked by investors and developers."
More than 1.2 million people with an average household income of nearly $50,000 reside within a five-mile radius of Marlton Square.
Capital Vision Equities and Keyshawn Development previously teamed up on the development of the nearby Chesterfield Square, a 250,000 sq. ft. community retail center at Western and Slauson, which today is heralded as a showcase for the business potential of South Los Angeles.