THOUSAND OAKS : Financing Sought for Mall Expansion
A Santa Monica developer asked Thousand Oaks officials Tuesday night for help in financing a $20-million expansion of the Janss Mall.
President William C. Janss said the Janss Corp. wants to expand the shopping center from 430,000 to about 600,000 square feet. A 1,000-space, three-story parking garage also is planned, he said.
To finance the project, Janss asked the city to consider creating a special assessment district. He said his company has been unable to secure other financing, and the assessment district would allow it to take advantage of low interest rates.
The City Council unanimously agreed to consider Janss’ proposal. Final approval is expected at a later date.
Built in the mid-1960s, the Janss Mall has not undergone significant expansion for about 10 years. The last addition was about 15,000 square feet.
If the project is approved by the Planning Commission and the City Council, it could be under construction by next year, Janss said.
Mayor Robert E. Lewis said the expansion would benefit the city financially. “The City Council’s number one goal is economic development,” he said.
The Janss Mall is the second largest shopping center in Thousand Oaks after The Oaks mall.
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