El Segundo pitches 'Toy Town' and deep‑tech cluster as companies pour capital into the city
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Summary
Councilmember Drew Boyles told the State of the City that El Segundo’s compact, business‑heavy economy generated nearly $6.8 billion in company fundraising since 2023, that businesses provide about 98% of general fund revenue, and that several major corporate and venture investors are expanding operations locally.
At the El Segundo Chamber's State of the City, Councilmember Drew Boyles emphasized the role of businesses in the city's finances and identity. "What percent of our general fund revenue comes from business directly or indirectly? 98%," Boyles said, stressing how commerce underpins city services.
Boyles highlighted recent and upcoming corporate investments: Mattel is conducting an $18,000,000 interior renovation of its 15‑story headquarters, is investing $2,600,000 in studio modernization, and acquired an additional 170,000 square feet at 2160 East Grand. He pointed to the LA Times Gallery and Archive and the Catalyst South project, and described Pacific Coast Commons as an approved six‑story mixed‑use project delivering 263 residential units, including 32 affordable units, with construction expected to begin in 2026.
On the startup and investment front, Boyles said El Segundo has become a dense cluster for defense and deep‑tech companies. He reported that 111 El Segundo companies have raised $6,800,000,000 since 2023 and that roughly 500 investors participated. He also cited new venture funds and firms — including Interlagos Capital's $550,000,000 target for a first fund — choosing to locate near the city’s innovation cluster.
Boyles urged continued partnership between city staff, building owners and entrepreneurs, saying the city actively helps projects navigate zoning and approvals. He pointed to recent downtown and Smoky Hollow plan updates that remove outdated restrictions to let market uses evolve.