Westfield files plans to redevelop Promenade in Warner Center

Los Angeles /
Oct.October 14, 2016 12:15 PM

Australian retail mega-landlord Westfield has filed plans to redevelop the decaying Westfield Promenade site in Woodland Hills into a mixed-use project with apartments, offices and hotels.

The plans call specifically for 1,432 apartment units, two hotels with 572 guest rooms, 244,000 square feet of retail space, 600,000 square feet of offices and a separate center for “entertainment and sports,” according to city filings.

Westfield appears to be doubling down on the area. The company is also behind the freshly renovated Westfield Topanga just up the street. It spent $500 million on the redevelopment of the Topanga property, bringing in tenants such as Neiman Marcus.

It’s owned the troubled Promenade since 1998, and was accused in a 2015 lawsuit of deliberately allowing the mall to deteriorate. The property was 80 percent vacant as of last July, a store owner told the L.A. Daily News.

Westfield bought the 1970s-era mall for $33.5 million in 1998. — Cathaleen Chen


Related Articles

arrow_forward_ios
Josh Zegen and rendering of 21555 Oxnard Street (iStock, Google Maps)
Madison Realty Capital provides $34M loan-on-loan for Warner Center redevelopment
Madison Realty Capital provides $34M loan-on-loan for Warner Center redevelopment
Mike Kaplan and Fry’s Electronics (Credit: Google Maps)
Developer files plans for 880-unit resi complex and hotel at Warner Center
Developer files plans for 880-unit resi complex and hotel at Warner Center
The property at 21555 Oxnard Street (Credit: Google Maps)
Anthem’s former Warner Center office building gets 75% valuation cut
Anthem’s former Warner Center office building gets 75% valuation cut
Unibail-Rodamco-Westfield’s Larry Green and a rendering of the project (Credit: Westfield Promenade 2035)
Unibail-Rodamco’s 34-acre mixed-use Promenade project wins city planning approval
Unibail-Rodamco’s 34-acre mixed-use Promenade project wins city planning approval
David Nagel
Decron Properties, in multifamily expansion mode, pushes into Warner Center
Decron Properties, in multifamily expansion mode, pushes into Warner Center
Larry Green, Unibail-Rodamco-Westfield’s EVP for US Development, and a drawing of the planned stadium (Credit: Unibail-Rodamco-Westfield)
Billion-dollar Warner Center megaproject faces another hurdle
Billion-dollar Warner Center megaproject faces another hurdle
Proposal for entertainment arena at Warner Center advances amid larger development
Proposal for entertainment arena at Warner Center advances amid larger development
Proposal for entertainment arena at Warner Center advances amid larger development
Eldercare facility of 1M sf planned at Northrop Grumman’s Woodland Hills site
Eldercare facility of 1M sf planned at Northrop Grumman’s Woodland Hills site
Eldercare facility of 1M sf planned at Northrop Grumman’s Woodland Hills site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...