Developer to repurpose the struggling Corona Mall
By Suzanne Hurt
The Corona City Council on Wednesday, May 17, approved an agreement allowing the Orange County developer behind The Camp in Costa Mesa and the Anaheim Packing District to buy and renovate the aging Corona Mall, paying nearly $1.9 million for a large chunk of the property.
The project by Costa Mesa-based Shaheen Sadeghi and LAB Holding, his limited liability company, is expected to invigorate downtown Corona, but few details were available this week – such as how the marketplace might be rebranded like Sadeghi’s other concepts.
“He’s got a track record of being very, very successful with developments and I’m personally looking very forward to forming a relationship with him to revitalize the downtown,” said Mayor Dick Haley, who was in Florida at a 50-year reunion of U.S. Marine helicopter crews who flew in Vietnam and couldn’t attend the council meeting.
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The developer plans to revamp more than half of the mall at Sixth and Main streets with a mix of restaurants, breweries, boutique retail and gathering places, said Ryan Cortez, the city’s economic development coordinator.
The rest of the open-air pedestrian mall is privately owned and occupied.
This would be his first project in the Inland region, which Vice Mayor Karen Spiegel said has excited city officials.
Under a development agreement signed by the three members of the council who were present Wednesday, LAB Holding will buy 86,027 square feet of retail space from the Corona Housing Authority for $1.86 million.
The company will pay $970,000 for 67,000 square feet of 9.8-acre Corona […]