An undisclosed retailer is in negotiations to purchase a vacant 10,000 square foot building in the heart of Monrovia, a real estate broker said this week.
The building, previously occupied by , is undergoing renovations and will have room for a retail business and additional office space in an upstairs mezzanine area, according to Bryan Frieders, a real estate agent with KW Commercial who is negotiating the building's sale.
Frieders said he is bound by a non-disclosure agreement and could not say what the new business is until the deal goes through, which could take another few weeks.
"It's going to really add some good value to the Old Town area," he said.
The retailer could begin operating at the location within the next 120 days, Frieders said. The building's renovations will conform with the city's historic architectural standards, he said.
Craig Jimenez, the Monrovia's principal planner, said the city hasn't received any business license or entitlement applications for the building. He said he heard a dental office may be opening in the upstairs area of the site.
The building is currently owned by Arkady and Elena Tsidel, according to county records.
Jimenez said the building went through a design review with the Historic Preservation Commission last year. If any new owners plan to deviate from the design that was approved they will have to resubmit the design to the commission, Jimenez said.