In a major retreat from its campaign to develop land south of the Santa Anita Park race track, Santa Anita Realty Enterprises has withdrawn its application to build a $300 million entertainment complex.
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.
Santa Anita Park race track's CEO and President Ron Charles said Santa Anita Park race track will not be sold to help Magnum Entertainment Corporation eliminate a $600-million-plus debt. However, Santa Anita Park race track is entertaining discussions with Magnum Entertainment Corporation concerning potential partnerships or joint ventures on a minority interest basis. Includes a historical timeline.
More than 500 residents packed the Community Center last week regarding a proposed entertainment complex at Santa Anita Park. Opponents of the project have become increasingly vocal in recent weeks.
1. City of Arcadia Notice of Public Scoping Meeting for an environmental impact report held August 9, 1995. 2. Single sheet mailed "To the Concerned Citizen" by an unknown source. August 1995. 3. Agenda for Santa Anita Entertainment Center Public Hearing and Scoping Meeting August 9, 1995. 4. C…
At the City Planning Commission's General Plan Update meeting on April 29, 1996, an announcement was made that Santa Anita Realty had withdrawn its application for development of an entertainment center.
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.
Santa Anita Companies have submitted a down-scaled entertainment complex with the new proposal for developing the South parking lot of the Santa Anita Park race track property.
Santa Anita Park's parent company, Magna Entertainment Corp., faces the threat of bankruptcy amid mounting losses and a $600 million debt burden. The current racing season and status are unaffected. Frank Stronach of Magna Entertainment Corp. said he was looking for partners for the track.
At the Arcadia City Planning Commission meeting of June 13, City Manager Bill Kelly gave a brief overview of the Santa Anita Entertainment Center Project (SAEC).
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.
Since Magna Entertainment Corp., the owner of Santa Anita Park, has filed for Chapter 11 bankruptcy. The race track will be auctioned off in September. That land is zoned for horse racing. Jason Kruckeberg, Arcadia's Development Services Director, said it will remain as a race track.