New owner of City Place retail district plans to replace big-box stores with retail and housing • Long Beach Post News

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The district encompasses six blocks of prime real estate Downtown, including many large stores such as Walmart, Fresh & Easy and Big 5 Sporting Goods that have sat vacant for months or years. The new development company wants to transform those spaces into mixed-use buildings with retail and residential units.
“Big-box retail stores are not the highest and best use for this site,” said John Drachman, co-founder of Waterford Property Company, one of the firms involved in the purchase. “It’s better suited for more density.”
Drachman noted the impact that the COVID-19 pandemic has had on retail, with more consumers shifting to online shopping.

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