Economic Development Plan

Overview of Objectives 
In all cities, an interdependence exists between local economic issues and the overall quality of life. Monterey Park is a mature, medium-sized community dominated by a diverse population of Asian and Hispanic residents. The city is virtually built out and considered primarily a bedroom community, with a limited commercial and industrial base.

Nonetheless, the city continues to entertain new and substantial development projects. As described in the Land Use Element, several focus areas offer potential for promising new development. Of these focus areas, the five critical locations are Corporate Center, the OII and Edison properties, North Atlantic Boulevard, Downtown, and East Garvey. With the exception of East Garvey, the city's Redevelopment Agency has long courted developers - and offered financial assistance - to realize meaningful projects capable of boosting the city's tax base.

Development of entertainment uses in the city will help strengthen the commercial core and attract residents of Monterey Park, as well as residents from neighboring cities. Entertainment uses within the North Atlantic Focus Area will create evening and night-time activity, which in turn attracts complementary uses, all of which generate revenues for the city.

While most of the City's commercial areas lie within the boundaries of a redevelopment project area, many of the identified areas of focus are primarily built out and are characterized by aging, uninspiring structures situated on small, often narrow lots. With the exception of the Corporate Center and the OII/Edison focus areas, reuse of existing structures or a recycling and upgrading of properties to more intensive uses will characterize most new development.