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Council grants exclusive negotiation for Valley Plaza redevelopment project
Summary
The council authorized an exclusive right to negotiate for a large Valley Plaza redevelopment that would replace an earthquake-damaged shopping center with a mixed-use project; members said no city funds are committed now.
The City Council authorized an exclusive right to negotiate with the developer proposing a large-scale redevelopment of the Valley Plaza Shopping Center, a commercial site severely damaged in the Northridge earthquake. The motion passed by voice vote (recorded 14 ayes).
Developer Jerry Snyder told the council the plan envisions a 900,000-square-foot development including a 4,000-seat theater, retail, restaurants, bookstores and two office buildings; he said about 55 acres of the 69-acre site would remain as preserved open space. City…
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