According to the Pasadena Star News, Gateway Temple City developer Randy Wang has guaranteed $1.5 million from three Asian investors through the EB5 visa program. Despite hopes of securing a far greater amount, $24 million to be exact, Wang plans to begin development of the shopping center in February 2012.
It does look likely, however, that more EB-5 project funding will be secured before development begins. Three other Asian investors, interested in the project, in part due to the project's culturally diverse locale (the San Gabriel Valley Corridor), are currently awaiting approval from attorneys. Senior Project Manager Howard Poyourow also said that five other possible investors are scheduled to visit the city this month.
What will be The Gateway Temple City, is actually a downsized version of the original Temple City Piazza project that was involved in a two-year legal battle that caused Wang to reassess his plans for the project.
Plans for the original Piazza development featured 124,600 square feet of retail and condominium space. By contrast, the Gateway project will consist of 75,000 square feet of retail and office space, including a grocery store and two restaurants. According to City Community Development Manager Joe Lambert, the Gateway project is set to be the city's first retail development in 20 years.