Costco Wholesale Moving to Monterey Park By David Barron

Costco Wholesale department store will be moving to the Monterey Park Marketplace Shopping Center in South Monterey Park, a city official confirmed today. Costco will move its current location in Montebello to Monterey Park.

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The larger footprint will allow Costco to establish a discount gasoline station in Monterey Park. There is no room for a gas station at the Montebello site.

City Manager Paul Talbot confirmed that Costco and the developers of the Market Place have reached an agreement on the project. Planning papers were filed two weeks ago, making the project public.

The city is planning a formal announcement in the near future, Talbot said.

Under the City’s prior agreement with Montebello, that city will get 50 per cent of the sales tax benefit from Costco for the next five years. After that, Montebello will receive 18 percent of the Sales Taxes permanently. The remaining sales tax will go to the Monterey Park treasury.

Sales taxes are expected to amount to several hundred thousand dollars annually.

Costco has been looking at the Monterey Park site for more than 2 years, seeking a location for its discount gasoline station, a highly lucrative business operation.

Costco also has a very busy store and gasoline station in Alhambra.

It is expect that Costco will open its doors in Monterey Park within two years. A Home Depot hardware store is also planned at the Market Place shopping center.

By moving the location to Monterey Park, the Costco Discount Store will edge closer to the Southeast communities as well as the West San Gabriel Valley.

