The Arcadia Unified school board has agreed to terms with mall developer Rick Caruso, who is offering free office space to the district inside his proposed Shops at Santa Anita. Caruso is offering 22,000 square feet of office space, plus 88 dedicated parking spots, for 40 years, at no charge.
As ordered by the Los Angeles Superior Court, Arcadia city officials were expected to finalize the repeal of all approvals related to the Shops at Santa Anita mall project and the decertification of the environmental impact report (EIR). Jason Kruckeberg, Development Services Director for the City of Arcadia, said city officials are just starting the potentially year-long process of fixing the 11 faulty areas of the EIR. City officials have begun talks with CalTrans and the Los Angeles County Sanitation Districts asking for their cooperation in fleshing out traffic and sewage studies.
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.
The city has extended the comment period for the Shops at Santa Anita environmental impact report. The public will have until February 27 to file questions and observations.
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.
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.
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.
Developer Rick Caruso is planning two massive "lifestyle centers" on either side of Pasadena: one in Glendale and one in Arcadia. Pasadena officials say they may start thinking about dealing with the increased competition for Pasadena's shopping dollars.
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.
Developer Rick Caruso's $400 million open-air mall at the Santa Anita Park race track may be stiff competition for retailers at Westfield Shoppingtown. City leaders hope the two malls can coexist.
Developer Rick Caruso said he is in the process of finalizing a new deal with Santa Anita Park's owners to build an outdoor mall at the race track's south parking lot. MI Developments (MID) (owner of track), voided a 2005 joint-venture development agreement with Caruso Affiliated in April 2010 for the proposed 825,000 square feet The Shops at Santa Anita, as part of MID's bankruptcy reorganization. MID and Caruso have been renegotiating since, and the development will be similar with some minor variations.
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.
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.
In a 50-page ruling issued Wednesday, Los Angeles Superior Court Judge James C. Chalfant found the environmental impact report (EIR) faulty in 11 areas ranging from traffic to air quality. This means Caruso's mall project is stalled until changes are made to the EIR.
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."
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.
Last year it seemed Santa Anita Park might be sold in a bankruptcy auction, but it appears owner Frank Stronach will keep an interest in the track. Under a deal arranged by Stronach's bankrupt Magna Entertainment Corp. (MEC) and its creditors in a Delaware bankruptcy court, ownership of the track would be transferred to MI Development, a real estate holding company controlled by Stronach. If a judge accepts the plan, Stronach would also retain ownership of Golden Gate Fields in the Bay Area, and Gulfstream Park in Florida. Also, it sets up developer Rick Caruso to proceed with building the Shops at Santa Anita mall that is proposed for the track's parking lot.
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.
Mall developer Rick Caruso has announced that he has removed 300 apartments from the proposed Shops at Santa Anita. Arcadians were concerned that the housing at the mall would contribute to overcrowding at Arcadia High School. Without the apartments, the project will be an open air mall instead of a mixed use development.