A major change is underway at the former site of the Pico Rivera Indoor Swap Meet. The Irvinebased Sares-Regis Group, one of the leading developers and providers of comprehensive commercial and residential real estate services throughout the western United States, will be redeveloping the site at 7860 Paramount Boulevard along with the site located diagonally across at 7919 Paramount Boulevard. Together, these two projects will develop close to 200,000 square feet of Class A Industrial space with a concurrent estimated completion by Summer 2019.
The future development will garner a combined investment of $33 Million, with an estimated valuation of nearly $45 Million. The Sares-Regis Group is known in the industry for its diversified expertise in all facets of real estate, and the City welcomes their investment in Pico Rivera. This increased property valuation will not only contribute to the City’s fiscal health, but will also translate to a multitude of positive economic wins that will have a ripple effect throughout the community.
The City of Pico Rivera expects a significant boost to the local economy, with the impact of job creation—a major win in and of itself—but also among local businesses that will benefit from the influx of these employees and their purchasing power in the local economic landscape.
The City has worked proactively to attract investment in large-scale commercial and industrial development along these major arterials since the Indoor Swap Meet site discontinued operations over four years ago. As the City sought to redevelop these underutilized parcels, it has also placed heavy emphasis on developing assets that represent a marked improvement in the quality of its built environment.
This prospective SaresRegis development falls in line with the General Plan and Land Use element, which promotes improved design of community entries and gateways, as well as upgrading older commercial corridors and aging industrial areas. Contemporary architecture will set the tone for all new development at Paramount and Slauson Avenue and along the City’s major thoroughfares.
The development will boast of substantial landscaping throughout nearly one-fifth of the project site (a figure well above industry standards) that will serve as a landscaped buffer among commercial, industrial, and residential uses to protect the fabric of the neighborhood, while emphasizing aesthetic considerations and overall neighborhood enhancement. This will also help mitigate local concerns that can be expected of any future development, including noise and visual abatement, as well as address public safety concerns.
Charged with developing a comprehensive economic development strategy, the project represents a collaborative effort across all City departments as a catalyst to achieve the economic vision set forth by City Council. City officials will work in close collaboration with the Sares-Regis Group and a national brokerage firm in a strategic approach to identify quality tenants for the development. The project, coupled with the planned improvements to the area, will positively impact the economic growth of the community and serve to optimize and improve the Pico Rivera experience.