May Co. has bowed out of the proposed expansion of the Santa Anita Fashion Park. As a result, the project's price tag should drop from $75 million to approximately $32 million.
Concerns about a proposed entertainment complex next to Santa Anita Park race track have been expressed by representatives of three stores in the Santa Anita Fashion Park.
The recent scaling back of the proposed expansion at the Santa Anita Fashion Park means the city may no longer need a bond to help pay for the project.
Nordstrom's Department Store is scheduled to open in August 1994, while 20 specialty shops and a 292-seat food court will open in October, 1993. The $34.3 million expansion is expected to generate about $1 million in sales tax revenue each year, as well a create 250 retail jobs.
The new food court at Fashion Park, called the Park Cafe, will open in October. The 292-seat facility will house 8 food merchants, create at least 70 new jobs, and generate $40,000 in sales tax each year. The Nordstrom expansion is also detailed.
Frank Stronach, founder and chairman of the board of Magna International Inc., is buying Santa Anita Park from Meditrust. The $126 million purchase is expected to close today.
Phil Yeh, founder of Cartoonists Across America, took his message to Santa Anita Fashion Park this month. His group painted a colorful, dinosaur cartoon mural and handed out copies of their anti-violence comic book. The group is dedicated to promoting literacy. Photo.
Meditrust will be selling Santa Anita Park race track at a lower price than the $400 million purchase price about a year ago. Due to laws changing in July, tax advantages are no longer available.
Santa Anita Derby Day 5K started three years ago with less than 2000 participants but is expected to attract between 4000-5000 runners and walkers in the 5K's fourth year.
The Santa Anita Companies was dealt a blow when the State Assembly Appropriations Committee shot down two key bills that would have allowed Santa Anita to begin expansion into the casino industry.