This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

L.A. Prep Project In Lincoln Heights Secures Financing

U.S. Bank, Capital Impact Partners, Los Angeles Development Fund, UrbanAmerica and Civic Enterprise Development have closed on financing for the $17.5 million acquisition and renovation of industrial space in Los Angeles’ Lincoln Heights neighborhood. The 56,000-square-foot building will become L.A. Prep, a multi-faceted food production business incubator for local entrepreneurs, and home to the nonprofit L.A. Kitchen.

Most of the space operates as an accelerator for small food producers who have outgrown their startup spaces. L.A. Prep partner and co-founder Food Centricity, a business accelerator focused on early and growth stage food companies, will provide business support and other key services to help tenants succeed. Food Centricity CEO Michel Algazi said, “L.A. Prep will deliver space, community and a suite of services for small food business unlike anywhere else in the country.”

L.A. Kitchen is a nonprofit/social enterprise that will collect or purchase surplus fruits and produce from farms and wholesale companies in the region. These products will fuel a 15-week, culinary arts job training program, which will prepare at-risk foster youth and older adults transitioning out of incarceration for jobs in the culinary field, helping reduce systemic patterns and become productive members of the Los Angeles community. Along with staff and volunteers, trainees will help produce thousands of snacks and ethnically diverse meals every day, which will be distributed for free to nonprofit partners or sold through contracts. L.A. Kitchen will serve a wide cross section of programs, but will emphasize partnerships that support senior centers, after-school programs or drug treatment facilities.

L.A. Kitchen is the vision of Robert Egger, the founder of D.C. Central Kitchen, a similar nonprofit organization in Washington, D.C. that has prepared more than 25 million meals for low-income and at-risk individuals since its founding 25 years ago.

“L.A. Kitchen will help provide a basic need, food, to our community members in need, and in doing so, we’ll be able to help at-risk individuals learn and create opportunities for themselves,” said Egger. “In the United States, approximately 40% of edible food goes to waste, costing more than $165 billion each year. In Los Angeles alone, around 18 million pounds of food are disposed of every day.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.43 -0.59%
FB $101.36 1.80%
GOOG $684.20 0.90%
TSLA $144.00 -2.90%
YHOO $27.13 1.20%


Chart of I:DJI
DOW 15,942.40 -71.98 -0.45%
S&P 500 1,858.94 +6.73 0.36%
NASDAQ 4,305.3090 +36.5460 0.86%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs