North Hollywood to Get $560M Mega Mall

Apr. 14--NORTH HOLLYWOOD -- Developers supported by city officials have ambitious designs on turning the faded Valley Plaza shopping center into a $560 million mega-mall, the costliest retail development in the San Fernando Valley. Seeing the...

"It's the biggest investments that we've ever seen in this community," Greuel said. "All the pieces are coming together more than they ever have before."

With well-heeled shoppers from Laurel Canyon and Studio City nearby and developers expecting a North Hollywood renaissance, the proposed development would have a massive potential consumer base. If Snyder can pull off the development, Bob Scott, chairman of the Valley Industry and Commerce Association, said the center could rob traffic from Westfield Fashion Square in Sherman Oaks and Glendale Galleria.

"It sounds like a sleeper opportunity," Scott said.

"NoHo has been in decline for many years, but it's close enough to the high demographics that it could service them if it had the right mix of stores. If someone's smart enough to say, we have a good, undervalued property on our hands here, it could be a real coup."

By Brent Hopkins and Rick Orlov

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