News

Kosmont Companies to Provide Services for Revitalization Project

By: Madison Amido

Members of the City Council recently approved an agreement with Kosmont Companies to provide financial and technical advisory services for South Pasadena’s Downtown Revitalization Project. City Manager Sergio Gonzalez explained during the July 17 meeting that city staff requested technical assistance with the project.

“Kosmont services will provide technical advice to the city negotiating team as well as the city council,” Gonzalez said. “Staff is recommending that we contract with Kosmont Companies to provide technical financial services to the city as we move forward. They have a great reputation and a stellar record in the redevelopment area.”

Ken Hira, a senior Vice President with Kosmont Companies who will serve as the project leader, gave a presentation to the council that outlined Kosmont’s approach to downtown projects.

“Kosmont Companies has been around for about 27 years,” Hira said. “The company, over its 27-year history, has really built its reputation and expertise on public private partnership negotiations, economic development, advisory work, real estate advisory work, financing, retailer, developer and intercommercial development outreach, and project negotiations.”

According to Hira, Kosmont’s scope of work can be described in four main categories: reviewing developer financial proforma, reviewing developer market analysis, seeking evidence of developer financing, and providing other needed services. Kosmont Companies has experience in working with malls and retail centers, and has similarly assisted the city of Placentia in Downtown Revitalization.

Gonzalez additionally acknowledged upcoming capital improvement programs for city streets that are slated for this next fiscal year.

“We’re looking to spend close to five million [dollars] in street improvement projects, and that starts with Rollin Street coming up in the summer months,” he said. “Please pardon our dust as we work to improve our city, and if you have any questions on construction please contact our Public Works department.”

Scroll Up