|Might need to update this image now. Image courtesy Rich Krugel Facebook|
|Before the Promenade Mall was built, hard to believe it was farmland.|
In addition to all of the current apartment and retail development taking place in the Warner Center area of Woodland Hills much discussed on this blog (see image above), another rumor has surfaced that the Promenade mall might possibly be torn down to make way for more apartments. Yes, more apartments!
The rumor comes from a reader at the Daily News published on May 8, 2014 with the following question addressed to Greg Wilcox:
Greg Wilcox passed on the question to Katy Dickey, Westfield's spokeswoman, who had the following response:I am a tenant in the AMC theater portion of (the) Promenade — neither Westfield nor AMC tells us anything so I rely on writers like you and LA Curbed to keep up on the latest.The latest rumor is Westfield is going to tear down the Promenade mall and build apartments — I heard this from 2 other tenants. Have you heard anything like this? Thanks in advance for anything you are able to share.
We’re always looking at options and opportunities for 2, 5, 10 years down the road, but focus today is on the Village and operating centers in the Valley.Now here is the kicker that Greg Wilcox uncovered:
So lets use logic here, if you know that another competing movie theatre is opening under the Village project along with competing shops, do you fight against the competition when it opens in a year or two or do you maybe cash out to developers and jump on the apartment development trend in Warner Center?And I found out something else I — and likely a lot of other people — did not know: The Promenade and the mall’s food court and AMC theater complex are actually separate.“The theater building is owned by EPR (Entertainment Property REIT), but AMC controls/operates building and food court under a master lease w/EPR,” Dickey wrote in a follow-up email.
The only positive thing I can see out of this is that more apartments flooding the market should have some downward price pressure for those who need to rent (and these apartments will not be cheap). With all of these units popping up, there has to be a lot of vacancies. Is everybody moving to Warner Center?
Below is a map I created back on April 23, 2012 with the known apartment projects which doesnt include this latest rumor but does include the proposed development at the former Rocketdyne site
View Woodland Hills Development in a larger map