October 14, 2008

LNR Property Corporation and Hopkins Real Estate Group Celebrate Groundbreaking for $850 Million Mixed-Use Brownfield Development

Orange County, Calif.-based developers LNR Property Corporation's Commercial Property Group and Hopkins Real Estate Group today celebrated the groundbreaking for The Boulevards at South Bay, an $850 million mixed-use retail and residential project on a former landfill site in Carson, Calif.

The 168-acre project is located along the 405 freeway between Avalon and Del Amo Boulevards and will include over 1 million square feet of retail and restaurant space, more than 1,300 residential units and up to 300 hotel rooms when it opens in late 2011.

"Today's groundbreaking signals an important milestone with this project," said R. Lang Cottrell, president, west region-south for LNR's Commercial Property Group. "The wheels are now firmly in motion to transform this parcel of land into something that provides both environmental and economic benefits to the community for generations to come."

The site, which has been vacant since the former Cal Compact landfill closed in 1965, started the first phase of design and construction of the remedial systems in April 2008 and the developers have said that above-ground construction is expected to begin in 2010.

The California Department of Toxic Substances Control is the state's lead agency for ensuring that the parcel has been thoroughly evaluated and cleaned to the highest safety specifications and is protective of public health, safety and environment.

"We are very happy to participate in this crossroads moment with the groundbreaking of this urban village, and see its potential to shape the future of Carson and its economy," said DTSC Director Maureen F. Gorsen. "The successful multi-agency coordination effort combined with a consultative service agreement kept everyone focused on the same goal and knowing what to expect from all parties. The Boulevards at South Bay project is a model for our statewide brownfields program, emphasizing coordination and reducing the time to productive reuse."

Additional information on The Boulevards at South Bay can be found at www.Blvd-SouthBay.com.