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05/18/2012

The City of Downey City Council approved plans for Tierra Luna Marketplace, a 77-acre, 1.5-million-sq.-ft. mixed-use development in Downey, Calif.

Manarino Realty LLC and Industrial Realty Group will develop the project, which will include between 300,000 sq. ft. and 500,000 sq. ft. of primarily medical office space, a 225-room hotel, a movie theater, two 150,000-sq.-ft. big-box stores and a mix of shops and restaurants. Mitchell Hernandez and Richard Rizika, of CBRE, will handle leasing for the property.

Construction will begin in late 2012/early 2013.

When completed, Tierra Luna Marketplace will create more than 3,300 permanent jobs and generate $4.2 million in annual sales, property and hotel occupancy taxes.

“We have an opportunity to bring something truly significant to the City of Downey,” said Manarino Realty President Bob Manarino in a statement. “Our site benefits from its location near a sports park, the Columbia Memorial Space Center and Kaiser Permanente Hospital. We’re going to tie all of those uses together by creating a central place for this community to be entertained, to shop and to come together.”