The City Council tonight will consider selling the publicly-owned Avenue Theatre, closed since 2003, for $750,000.
The buyers are Downey Restaurant Group. From DowneyArts.org:
"Downey locals Adrian Amosa and Kirk Cartozian (a former mayor) partnered to form the company, and earlier this year opened the popular new Gaucho Grill restaurant at the Downey Promenade."
"The City of Downey purchased the property in 2008 with the goal of developing the property for housing and mixed-use. Requests for proposals were submitted to the development community to find an appropriate project for the site. National Community Renaissance (the developer of The View apartment complex on 2nd Street) had an earlier proposal, but the project never got off the ground."
The redeveloped site calls for two restaurants, with the main entrance off Downey Avenue. What's unclear is whether housing will be incorporated into the project; city officials have said in the past that any redevelopment of the Avenue Theatre would require at least some housing because housing dollars were used to purchase the property.
The new development will be named Alegria at the Avenue Theatre.