A $50 million investment by CIT Group will help expand Cottonwood Mall’s business, create more jobs and help the mall expand its workforce, according to a statement from CIT.
The company said it has already invested in several projects that will create thousands of new jobs, and said it will be working with the local community to support Cottonwood’s development.
“Cottonwood is an exciting location to open and expand, and we’re thrilled to support the new Cottonwood Community,” CIT CEO and President Scott Anderson said in the statement.
“This investment is a vital step in Cottonwood becoming a truly great destination for people from across the region.”
The mall will become a “local hub,” where more than 300 people can shop, eat, eat and work, the statement said.
“We’re thrilled that CIT will be partnering with us to grow Cottonwood, a city-owned mall that will provide thousands of jobs, as we build on the legacy of Cottonwood as a leader in the tech industry,” Citi Chairman and CEO Michael Mazer said in a statement.
“I’m excited to see how our partnership with Cottonwood will continue to support this exciting project.”
Cottonwoods developers are working to expand the mall’s footprint to include retail and restaurants.
The mall is the fourth mall in Los Angeles County, and the fourth major shopping center in the county.
It’s owned by Citi, a joint venture between Macy’s and CIT Capital.