(Washington, DC)— Congresswoman Diane E. Watson today announced at a press conference the award of a $9  million HUD loan guarantee and a $1.5 million Economic Development Initiative (EDI) grant for Marlton Square, a mixed-use retail and residential development project. The press conference was held at the Marlton Square project site.

Marlton Square, formerly known as Santa Barbara Plaza, is a 20 acre site located in the Crenshaw area of Los Angeles.  The new development will include 119,000 square feet of retail space, 140 units of single-family housing, 150 residential condominiums, and 180 units of senior housing.

“Crenshaw area residents have been waiting for decades for the redevelopment of this site,” said Congresswoman Watson.  “It is my hope that Marlton Square will be the catalyst for the economic revitalization of this important area of our community.”

HUD funds, in conjunction with the Economic Development Initiative (EDI) grant, will finance the retail component of the development.  An anchor-style retail store, several shops, and restaurants will be included in the projected that has an estimated cost of $160 million.  The City of  Los Angeles’ Community Redevelopment Agency will also provide funding for the Marlton Square Project.

Joining Congresswoman Watson at the press conference were Theresa Camiling, Field Office Director, Los Angeles HUD office; Assemblyman Mark Ridley-Thomas; Chris Hammond and Jeffrey Lee, developers of Marlton Square; Joyce Perkins, President, Crenshaw Redevelopment Project Community Advisory Committee; Jerry Edwards, businessman; Cecil C. Flournoy III, LA’s Business Team, Office of Mayor Antonio Villaraigosa; David Roberts, Office of Councilman Bernard Parks; Ernest Tidwell, Economic Development Division; Ricardo Noguera, Community Redevelopment Agency, City of Los Angeles; and John Murray, former Los Angeles City Commissioner.