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The Warner Center 2035 Specific Plan

The Coming Boom

The Warner Center 2035 Specific Plan has flexible building-height regulations and streamlined entitlements, but zoning varies by neighborhood. Several projects are already planned.Monday, January 27, 2014

The Warner Center 2035 Specific Plan

THE VILLAGE AT TOPANGA, 6600 Topanga Canyon Blvd., Canoga Park

The Village at Topanga

6600 Topanga Canyon Blvd., Canoga Park

Owner: Westfield Group LLC, Australia

Cost: $500 million

Details: At the center of the arms race is the gargantuan Village project. It will connect the Westfield Topanga and Westfield Promenade malls and include a 158-room hotel, a Costco and office buildings. Last summer, the mall builder received approval for up to $59 million in tax breaks over the next 25 years. The project is expected to generate $140 million in tax revenue over that same period and add 1,600 jobs.

Sierra’s Mexican Restaurant

6819 Canoga Ave., Canoga Park

Owner: Jaramillo Family Limited Partnership, Canoga Park

Cost: On the market

Details: After more than 40 years in business, the Canoga Park landmark closed its doors last year. The land went to the market in the third quarter without an asking price, as the brokers believed a multifamily developer would pay top dollar for the land across the street from the Westfield Topanga Shopping Center, which is being renovated. The property, with about 438,000 buildable square feet, is owned by the Jaramillo family, who operated Sierra’s and Mission Burrito restaurant next door.

Woodland Hills Shopping Center

6209-6259 Topanga Canyon Blvd., Woodland Hills

Owner: Paragon Commercial Group LLC, El Segundo

Cost: $47 million

Details: In September, Paragon paid $446 per square foot for a middling strip center along Topanga Canyon Boulevard. The center is a fully leased block-long retail strip and includes tenants such as Toys “R” Us and Off Broadway Shoes. Paragon expects to redevelop the property down the line.

Rocketdyne

6633 Canoga Ave., Woodland Hills

Owner: United Technologies Corp., Hartford, Conn.

Cost: Unknown

Details: After San Fernando Valley rocket-engine manufacturer Pratt & Whitney Rocketdyne was sold to GenCorp. of Sacramento for $550 million, United Technologies Corp. of Hartford, Conn. began designing a development for the property. United Technologies plans to transform the 47-acre site into an urban neighborhood featuring residential, office, retail and a 16-story hotel. Boston Global Investors of Boston has been retained to plan and design the development.

The Reserve at Warner Center

22100 Erwin St., Woodland Hills

Owner: Jones & Jones Management Inc., Woodland Hills

Cost: $88 million

Details: The 477-unit apartment building was bought by Jones & Jones in September, making it the largest multifamily sale in the San Fernando Valley last year. The 476,229-square-foot apartment building was constructed in 1968 and was known as Mercer at Warner Center before the developer bought it. Brokers said there were more than 30 tours and a dozen offers on the property. Renovations are in the works. While the price per door rate of $184,000 wasn’t overwhelming, the old building would not have received that sum if it weren’t for the changing demographics in the area.

Catalina Yachts Site

21200 Victory Blvd., Woodland Hills

Owner: Weintraub Real Estate Group, Malibu

Cost: Unknown

Details: The former home of Catalina Yachts has been in escrow with Richard Weintraub since early 2012. The developer plans a 600-unit apartment building but had been awaiting passage of the specific plan. The project will feature nine buildings over more than 615,000 square feet. Included are 18 live/work units on the 9-acre lot. There is no start date yet, with the project expected to take up to two years to complete.

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