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Redevelopment Agency Signs ENA for Development of Atkinson Brickyard Land
By Allison
Jean Eaton
Bulletin Staff
Writer
The Compton City Council acting as the Urban Community Development
Commission Oct. 17 authorized the Community Redevelopment Agency’s
(CRA) entering into an Exclusive Negotiation Agreement (ENA) regarding
the redevelopment of 10 parcels of land in and around the Atkinson Brickyard.
The proposed project site is comprised of about 16 acres at the
corner of Rosecrans and McKinley avenues. The 12-month ENA with Public-Private
Community Development LLC (PPCD) will eventually lead to the signing
of a Disposition and Development Agreement to redevelop the property.
“The property owned by the Atkinson Brickyard is in the process
of being sold,” explained City Manager Barbara Kilroy. “Directly
adjacent to the property is a 7-acre site that’s owned by the Compton
Unified School District, and the city of Compton has made an offer
to acquire that site.”
In addition to the Atkinson Brickyard and school district sites,
the city manager continued, there is a large piece of privately-owned
property along the “frontage” of Rosecrans between Central
Avenue and McKinley.
“In order to try and exercise some control over the entire Atkinson
Brickyard area, not just Atkinson Brickyard but the area around
Atkinson Brickyard,” said Kilroy, “we have talked with various
developers about trying to do a joint venture to acquire that property
and develop
it in accordance with a specific plan that Council will adopt.”
The agreement will cost the city nothing. According to the draft
ENA, a negotiating fee of $25,000 was previously deposited with the CRA,
$10,000 of which is non-refundable and will be used to compensate the
agency for its agreeing to work with PPCD exclusively.
In a letter dated Aug. 25 addressed to CRA Director Irv Taylor,
PPCD’s Frank V. Zerunyan formally requested the city enter into
an ENA with PPCD “during which time we will collectively work on
a development design patterned around an ‘urban village’ mixed
use concept, an acquisition strategy, formulation of a financing plan
and a development timeline.”
According to city staff, the project will be consistent with the
CRA’s redevelopment goals for the Rosecrans and Central Project
Area.
PPCD, based in Rolling Hills Estates, is a privately owned, integrated
real estate advisory and development firm that focuses on renovating
urban cores, which in turn creates wealth through increased property
values and tax revenues, according to information provided by PPCD.
Its partner in this particular undertaking is Golden Pacific Partners,
a subsidiary of Golden Boy Partners, which is a venture founded by world
famous boxer Oscar De La Hoya of Golden Boy Enterprises and John Long
of Highridge Partners. Golden Pacific is concentrated on the redevelopment
and revitalization of urban communities in Los Angeles County and the
greater Southern California region.
Zerunyan said that about half of the 16-acre site is currently
vacant and blighted while the remainder is “developed with incompatible
waste management-related uses” in close proximity to a heavily
populated residential area.
“We feel that this site has great urban mixed-use design potential,” he
said, “and that its careful development will bring many benefits
to the citizens of Compton.”
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