Beverly Hills developer the Icon Co. wants to transform a long-vacant Panorama City site into a $150 million mixed-use project with 350 apartments and 250,000 square feet of entertainment and retail space, the Los Angeles Times reported.
The development would be one of the largest private projects to have been built in the San Fernando Valley neighborhood, where the median income is just $41,000 a year.
The company shelled out $18 million for the site, at Roscoe Boulevard and Tobias Avenue next to the Panorama Mall. It was formerly home to Montgomery Ward, which closed in 2001.
The project is slated to be complete by 2019.
It’s the second large development that’s been proposed for the site. In 2008, Indianapolis developer Mark Siffin announced plans to build more than 500 condos and a large retail project at the site but the plans never came to fruition, the Times said. [LAT]