Local real estate developers have purchased Laurel Plaza shopping center in North Hollywood with the intention of building on a site that was hit hard by the 1994 Northridge earthquake.
Macy's Inc. sold the 25-acre property on Laurel Canyon Boulevard and Oxnard Street to Goldstein Planting Investments of Los Angeles and Merlone Geier Partners. The sale price was not disclosed. A 90,000-square-foot office building at Laurel Canyon and Erwin Street was included in the transaction.
The center dates to 1955 and was once the regional headquarters for May Co., a St. Louis department store chain taken over by Macy's parent company in 2005. The department store, now a Macy's, was Laurel Plaza's lone surviving structure after the quake.
Previous plans to rebuild on the site have run into opposition from neighbors concerned about overly dense development.
Cliff Goldstein of Goldstein Planting, who worked on an earlier proposal for the site with another developer, said the new owners would work with the community on a new plan he valued at more than $100 million.
"Our intent is to pursue a mixed-use retail and multifamily development," he said. "I think it's fair to say the community is anxious to see redevelopment take place."