While specific plans are still in development for the property, originally built in 1928 and later the site of racial uprising in the 1990s, the vision for the space includes transforming the structure into a dynamic multi-tenant commercial hub that will host up to eight local small businesses, with a focus on food and restaurant establishments – amplifying the County’s investment and DEO’s commitment to advancing economic resiliency, anti-displacement, and community wealth building across the County.  

“Today marks a monumental step forward for our South Los Angeles community with the groundbreaking completion of the first building purchase as part of the County’s Commercial Acquisition Fund; I am proud to support this initiative to revitalize the Vermont Corridor in my district. This achievement is a testament to the power of partnership – between my office, Community Coalition, Primestor, Genesis LA, and the County – working together to ensure that small businesses remain in the communities they call home,” said Los Angeles County Supervisor Holly J. Mitchell. “By investing in spaces that empower growth and opportunity, we are planting seeds for economic resilience and thriving neighborhoods for generations to come.” 

“Our LA County Commercial Acquisition Fund revitalizes long-term vacant space and retains and grows our community-serving nonprofit and small businesses, building wealth and cementing culture, not displacing as we develop,” said Kelly LoBianco, Director of the Department of Economic Opportunity. “We’re thrilled to invest $10 million in seven acquisitions that have the potential to house 150+ small businesses, nonprofits, and community spaces in high and highest need communities, countywide.”  

Fueled by a $10 million allocation of American Rescue Plan Act (ARPA) funds by the County, the LA County CAF launched in April of 2024 as part of DEO’s Economic Mobility Initiative (EMI). The initiative expands the capacity of the DEO’s Office of Small Business, acknowledges barriers to start-up and growth for local and diverse small businesses, and offers the education, training and technical assistance, and capital that generate opportunity and mobility. The LA County CAF is the first of its kind in LA County, designed to revitalize and transform vacant and abandoned properties in communities hardest hit by the COVID-19 pandemic into affordable, below-market lease opportunities for small businesses and non-profits in an effort to drive economic recovery and long term growth in underserved areas.   

Funds were committed by DEO, in partnership with Genesis LA, a local Community Development Financial Institution (DCFI), through recoverable loans ranging from $500,000 to $2,000,000 towards the purchase of seven properties purchased by qualifying non-profit and small business entities, including community development corporations and community land trusts.   

The 8601 S. Vermont property was acquired by Community Coalition, a long-time South Los Angeles-based organization dedicated to civic engagement and community empowerment and will be redeveloped into a multi-tenant commercial property in partnership with Primestor Development, a Real Estate developer focused on fostering local economic development in urban, underserved minority communities. Previously, the property served as a branch of California Bank and, more recently, housed a Salvation Army retail store, which closed in 2020. Since then, the property has remained vacant. Once complete, the redevelopment of 8601 S. Vermont Avenue is expected to be a catalyst for further growth in the area, helping to strengthen South LA’s economy and provide much-needed space for small businesses and community-driven enterprises.  

“The partnership with the County of Los Angeles, Primestor, and Genesis LA demonstrates a real commitment to community driven development,” said Alberto Retana, President & CEO of Community Coalition. “We are thrilled to support the transformation of blighted property in the Vermont/Manchester corridor towards advancing the permanence of people, equity and community need.”   

“Genesis LA is proud to have provided technical assistance, CAF financing, and a loan from our CDFI loan fund to support the acquisition of the property at 8601 S. Vermont,” said Tom De Simone, President & CEO of Genesis LA. “For 25 years, Genesis LA has been making community development loans in communities across LA that lack access to financing. We have also made several investments on the Vermont corridor and this project will continue that impact as we will continue to provide financing and development support as Community Coalition and Primestor revitalize this important community asset in South LA.  We thank the County and all our partners who helped to make this possible.”  

“We are grateful for the opportunity and privilege of partnering with the County, Community Coalition, and Genesis LA on this community-empowering redevelopment, which aims to revitalize, reinvest, and rejuvenate vacant and blighted buildings into thriving spaces that foster economic growth, social equity, and a renewed sense of pride for residents,” said Leandro Tybeg, President and Co-Founder of Primestor.

The current LA County CAF program stems from a pilot launched in the summer of 2022, where DEO, in collaboration with CEO, County Counsel, and the Office of Supervisor Holly J. Mitchell, contracted with Genesis LA to support commercial acquisition in Leimert Park.  This pilot program assisted local business owners, through Black Owned and Operated Community Land Trust (BOOCLT), in purchasing the commercial property where their businesses operate, ensuring permanent affordability in the Leimert Park neighborhood that is increasingly vulnerable to displacement. The pilot set the stage for the countywide LA County CAF. 

These investments in South Los Angeles build on the Evermont development on the Vermont Corridor – a transformative 65,000 square foot mixed-use project located at Vermont and Manchester set for completion this year. Evermont will feature retail spaces, a Metro office and training facility, a SEED LA college prep school, an enhanced Metro transit hub, and 180 units of affordable and senior housing units in partnership with BRIDGE Housing. Evermont is a public-private partnership with LA County. 

To learn more about the LA CAF, visit lacaf.info. The additional six acquisitions will be shared as soon as information is available. To connect to other capital and community building opportunities through DEO, visit opportunity.lacounty.gov.