Steelwave and Steerpoint Capital are combined owners of Town Centre, located at 1555 Simi Town Center Way, Simi Valley, CA 93065. Currently, the mall has some functional and some vacant retail spaces. The new owners have proposed converting portions of the mall into residential units, similar to proposals by previous owners.
Highlights
- The owners of Town Center in Simi Valley have put forward a housing plan before the City Council.
- Some retail stores could not get the expected business at the location, while some are still doing well.
- The coexistence of houses and retail spaces will aid in the convenience and survival of both.
Transformation of Simi Valley Town Center
Two real estate companies, Steelwave and Steerpoint Capital, purchased Town Center last year. They have come up with a proposal to convert some of the mall space into housing units. In February, the owners even submitted the site plan to the City Council of Simi Valley. The plan is now in the discussion phase. A maximum of 375 homes are planned for the location.
The preliminary public hearing is expected in the upcoming months. The Festival Cos., the managing partner of the previous owners of the property, also desired to redevelop the mall into a hotel or apartment. In 2018, the owners of that time proposed to build apartments and parks. None of the previous plans could make it to the point of the current one.
The city is looking forward to more housing. However, whether the general idea of the current project will be approved or not will be decided in a pre-screening. If the preliminary plan gets approved, the owners will submit a detailed proposal, and it will undergo a final voting session in the council.
The Plan for Redevelopment
The current site plan is brief, and as the project moves through the approval process, more detailed versions will be available. As per the current plan, housing units between 291 and 375 are expected. These units will be accommodated in four different housing complexes. Two will be high-density apartments, and two will be medium-density.
Whether the houses will be available for rent or sale is still not clear. Of the proposed four complexes, two will be built in place of the current parking lots. The third one will be at the east end and will replace the vacant Macy’s building. The fourth complex will cover the indoor stretch of the mall where small shops used to exist.
The retail stores that still strongly exist at the mall will remain as such, for instance, Studio Movie Grill. Other expected retail stores are Dick’s Sporting Goods and a grocery store. The plan also cites that small restaurants, bank branches, or other retail spaces can be built in the parking lot.
The mall has faced dwindling revenue and vacancy rates in recent years. The major attraction points, such as Macy’s stores, emptied the location, one in 2017 and another last year. The struggling situation of the mall encouraged the owners to convert a part of the mall into houses.
Simi Valley’s assistant city manager, Luis Garibay, said that such mixed-use spaces can be seen across the United States. It will be a key solution to tackle the situation as residents will be the customers of the retail stores in the mall, keeping them alive.
