The Paseo at The Gateway
Grapevine Advisors, a Grapevine Development company, acquired fee simple title of Parcel 4, formerly the City Yard, in May 2014 from El Monte after several years of master planning in collaboration with the city.
This 2.3-acre parcel has since been graded to a certified pad which included the environmental remediation of a contaminated landfill. The vertical construction of 208 residential market-rate units above 25,000 SF of retail and dining space will commence April 2016. Parcel 4 is part of The Gateway, a 60-acre mixed-use transit-oriented project adjacent to the El Monte Metro Station - the largest inter-modal bus transit station west of Chicago which serves over 35,000 commuters per day.
The residential unit mix includes studios, one and two bedroom units with Interior washer and dryers and a stainless steel appliance package. Grapevine has solicited a substantial amount of Interest from national credit and regional retailers for the ground floor. The complete value of Parcel 4 is estimated to be $99 million at stabilization which will include a highlyamenitized podium deck in addition to having pedestrian access to the station. Creative financing was critical since redevelopment was abolished during Grapevine’s ENA, one of many setbacks that the city team and Grapevine resolved.
Source: Grapevine Development