We previously reported that the City of Azusa utilized the power of eminent domain to redevelop the area formerly known as "Corky's Corner," which required the acquisition of long-time (39 years) tenant The Furniture Station. After the owner lost a right to take challenge, he settled with the City on the value of the property. At the time, the City noted it planned to immediately begin redevelopment efforts, but it could not say who would ultimately end up in the new space. Well, that new tenant has officially been announced.
According to a Pasadena Star-News article by Daniel Tedford, "Azusa scores Monrovia retail outlet as new anchor in the revitalization of Corky's Corner," a deal has been reached with The Outlet by ELS, a bargain retail store currently in Monrovia. It is obtaining 3.3 acres from the City for $3.3 million. The Outlet by ELS is moving from its current location in Monrovia, which, ironically, is also currently being acquired by eminent domain. It hopes to have its store open to the public by summer 2012.
In total, the the City paid $7.2 million for the 3.5-acre redevelopment area. The Furniture Station's property accounted for $1.45 million of the total acquisition price. The City hopes to use the left-over property to attract a sit-down restaurant. If not, the owners of The Outlet by ELS have the option to purchase the property in five years.
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