Westfield America Inc. announced yesterday that it will buy an additional 50 percent interest in Westfield Shoppingtown Santa Anita Fashion Park from Meditrust, giving it nearly 90 percent ownership.
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.
Multibillion dollar businessman and horse owner, Frank Stronach, has signed a letter of intent for his auto systems company, Magna International Inc., to buy Santa Anita Park
International businessman and horse owner Frank Stronach confirmed Tuesday that he and Meditrust, the parent company of Santa Anita Park, have signed a letter of intent under which he will buy the race track.
The owners of Westfield Shoppingtown Santa Anita (formerly Santa Anita Fashion Park), have submitted a request to the city to expand the building by as much as 55 %.
Officials with the Santa Anita Companies, owners of the race track and Santa Anita Fashion Park, have filed a formal application with the City of Arcadia to build a new 100-acre entertainment center on its property.
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.
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.
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.
Businessman Frank Stronach, who announced he is buying Santa Anita Park, has stated that his vision for developing the land is drastically different than Santa Anita's current proposal.
Starting this spring, the new owner of Santa Anita Park, Frank Stronach, is planning the first of what will likely be massive renovations to the horse racing facility.