June 17, 2015
The large El Monte Gateway mixed-use project is one step closer to becoming a reality. Eagle Group Finance has given a $10-million short-term loan to firm Grapevine Development LLC for 3.7 acres of a 60-acre project planned in the city.
The transit-oriented development will include 1,850 housing units, 1.3 million square feet of retail and other commercial space and a 200-room hotel. Work is already underway on 485 residential units that include affordable housing spaces and 25,000 square feet of retail.
The 3.7-acre site that is part of Eagle Group’s financing deal is currently used as a parking lot for the El Monte MTA transit station and will be leased back to the MTA until construction starts on the next phase of the project, which is slated for the hotel, retail, restaurants and other components.