A full page color advertisement solicits Arcadia residents' reviews on the new mall to be built by Caruso Affiliated on the Santa Anita Park race track parking lot. The mall will be called The Shops at Santa Anita.
Developer Rick Caruso of Caruso Affiliated is no longer pursuing a deal with Santa Anita Park owners MI Developments to develop an outdoor mall in the race track's parking lot. The project was known as The Shops at Santa Anita. Caruso said, "We're not pursuing it, because of the (Magna Entertainment Corp.) bankruptcy...and everything else." Arcadia city councilman Mickey Segal said it's a loss of "a projected $2.5 million to $3 million of revenue (each year) to the city" in sales and property tax.
Frank Stronach, chairman of MI Developments, the owner of Santa Anita Park, says he is optimistic his company can work out a new deal with developer Rick Caruso to build an outdoor mall at Santa Anita Park, even though he voided a 2005 joint-venture agreement with Caruso in April to build the Shops at Santa Anita mall in the race track's parking lot.
Judge James C. Chalfant stands by his July decision that the environmental impact report (EIR) that Arcadia officials relied upon in approving the mall was faulty in 11 areas and that it would have to be revised before the Caruso mall project, proposed for the Santa Anita Park race track parking lot, known as the Shops at Santa Anita, can move forward.
Canadian billionaire Frank Stronach, who is about to become the sole owner of Santa Anita Park, said he hasn't ruled out talking to developer Rick Caruso about reviving a project to build an outdoor mall in the race track's parking lot. Last week Caruso announced that he is no longer pursuing a development deal with Santa Anita Park's outgoing owner, MI Developments, Inc. (MID), for the upscale Shops at Santa Anita. Stronach is the outgoing chairman of MID.
Arcadia officials will meet with Santa Anita Park's majority owner Frank Stronach, to talk about the mall project that fell through with Caruso Affiliated, and to see if Stronach still envisions a high end retail project to develop on the track parking lot.
Residents voice concerns over the Santa Anita Park race track parking lot development of an outdoor mall to include retail, commercial and apartment space. Residents worry about how the quality of life in Arcadia will be affected. A draft of the environmental report should be ready by late June.
Developer Rick Caruso and officials of Santa Anita Park met to discuss reviving The Shops at Santa Anita, a proposed upscale retail mall project. MI Developments (MID) had cancelled a 2005 contract with Caruso Affiliated to build the mall after bankruptcy restructuring at Santa Anita Park. Both parties hope to move forward with the mall.
Santa Anita Park's ownership changed hands on April 30 after Frank Stronach's Magna Entertainment Corp. (MEC) transferred many of its assets to Stronach's MI Developments (MID) (one of MEC's creditors), as part of a bankruptcy restructuring plan. Last week MI Developments, a real estate operating company, canceled its 2005 agreement with Caruso Affiliated to develop to the proposed mall known as The Shops at Santa Anita, but this week MI Developments hopes to work out a deal with developer Rick Caruso to build an upscale retail project in the track's parking lot.
Arcadia City Council voted unanimously to give the final approval on Rick Caruso's The Shops at Santa Anita mall. The City Council also approved an expansion project for the Westfield mall with one condition.
One candidate for City Council, Sheng Chang, has signed a pledge issued by Arcadia First!, the Westfield-funded organization formed to defeat the Shops at Santa Anita mall. Chang opposes the proposed new mall project.
A full page advertisement authorized by Arcadia First! speaks out against Caruso Affiliated's plans to build a mall on the parking lot of Santa Anita Park race track.
A court hearing today will provide clarification on Judge James Chalfant's July ruling that stopped progress on an upscale mall proposed by developer Rick Caruso at the Santa Anita Park parking lot. The proposed mall is known as the Shops at Santa Anita. In July, Judge Chalfant ruled that the environmental impact report (EIR) that Arcadia officials relied upon in approving the mall was faulty in 11 areas and would have to be revised before the project can move forward. Chalfant could modify his ruling today, or allow the existing ruling to become final judgment.
The City Council will likely approve Westfield Shoppingtown Santa Anita's mall expansion for the outdoor section known as The Promenade if Westfield can resolve parking issues that will arise during construction.
Developer Rick Caruso, whose stalled $500 million, 820,000 square feet retail project "The Shops at Santa Anita," is planned for Santa Anita Park's south parking lot, said he has "no control" over possible bankruptcy at the race track's parent company, Magna Entertainment Corp. (MEC). Caruso said he was still planning to go ahead with his mall and would "wait and see what happens and deal with it." Any reorganization at Magna Entertainment Corp. may delay the mall plans.
Magna Entertainment Corp., owner of Santa Anita Park race track, which is in bankruptcy reorganization hearings, filed a plan that would cancel its 2005 agreement with Rick Caruso to develop the 830,000 square feet Shops at Santa Anita on the race track's south parking lot. Caruso filed an objection to the move in bankruptcy court, citing "substantial economic harm" to Santa Anita Associates, LLC, the legal entity that was going to develop the project. Santa Anita LLC has so far invested over $25 million to the project's development. Caruso is committed to developing the project in Arcadia. If the contract is indeed terminated between the parties, Magna would have to start from scratch with new plans, new environmental impact reports, and new hearings to propose another development.
Westfield America may feel threatened by Caruso Affiliated's proposed outdoor mall and residential complex on the parking lot of the Santa Anita Park race track.
Developer Rick Caruso and his company are soliciting the Arcadia community's thoughts on his $400 million mall project slated for the parking lot of Santa Anita Park. A "scoping session" designed to solicit public views on what should be included in the environmental review will take place at City Council chambers at 7pm on April 7, 2005.
In a strongly worded letter to Canadian mogul Frank Stronach, Arcadia city officials urged Santa Anita Park's owner to work with developer Rick Caruso and finish the proposed upscale Shops at Santa Anita mall project that has been in the works for the last five years. Stronach's MI Developments (MID) voided its contract with Caruso following bankruptcy restructuring at Santa Anita Park. In a further flexing of city muscle, the letter stated that it "looks forward to working with the race track in future projects that require City approval."