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6/17/15
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Grapevine Development LLC has acquired a 3.7-acre land parcel in the San Gabriel Valley city of El Monte. The parcel is the catalytic piece in Grapevine’s El Monte Gateway project, a 60-acre transit-oriented mixed-use project being developed in partnership with the City of El Monte.
The purchase was financed with a $10 mil, short-term, non-recourse loan provided by private money lender Eagle Group Finance. The loan was funded by Eagle on an expedited basis according to Eagle Group Finance President Brian Good.
Located adjacent to the El Monte MTA transit station at Santa Anita Ave and I-10, The Gateway Specific Plan calls for 1,850 market-rate and affordable housing units, a 200-room hotel, 1.3 msf of commercial and retail space, open space and a 70k sf movie theater. As the master developer, Grapevine started construction of the first phase of The Gateway, which includes over $21 mil of infrastructure improvements, 485 market-rate and affordable housing units and 25k sf of retail.
The parcel has been used as a parking lot to serve the transit center ridership and will be leased back to the MTA until Grapevine begins construction on its next phase of The Gateway, which is slated for the hotel, a movie theater and additional retail and restaurants.
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