"It looks more and more like the city will choose National Core to redevelop the Avenue Theater and Verizon building in Downtown Downey.
The City Council tomorrow will consider granting exclusive negotiating rights to National Core, a Rancho Cucamonga-based developer that specializes in affordable housing.
City staff is recommending National Core over six other developers who submitted redevelopment proposals to the city. An evaluation panel narrowed the list down to two, before choosing National Core.
The city and National Core will still need to come to terms on a development and disposition agreement, the “key transaction terms,” according to a staff report.
Redevelopment of the Avenue Theatre and Verizon building is a “long-term proposition” and “staff estimates that this process will take until July of 2012 to implement,” according to the staff report.
Fernando Vasquez, a former City Council candidate and member of the Planning Commission, is a development manager at National Core."
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