BELL — Acting as the Bell Successor Agency Sept. 23, city officials approved the sale of a former redevelopment site at 6501 Atlantic Ave. to Seagrove LA for land valued at $2.5 million.
After the state abolished all redevelopment agencies Feb. 1, 2012, city officials have been allowed to form successor agencies to wind down redevelopment projects and dispose of redevelopment-purchased land.
In a report to the council, Economic Development Specialist Jackie Choi said Seagrove was selected from four applicants for the best development of the site, a proposed 12,669-square-foot retail and restaurant project, which the firm estimated would cost $8.2 million.
Developers say the site is conducive to pedestrians so they will develop a pedestrian-friendly project.
Sale of redevelopment property must have approval from a regional oversight board as well as the California Department of Finance.