WESTLAKE VILLAGE : Plans for Westlake North Move Ahead

The City Council this week nudged forward plans to build 250 condominiums and 31 acres of stores on the Westlake North land around the Pierce Brothers Valley Oaks Memorial Park.

Plans for the condos and shops--as well as office buildings and a hotel--on the 129-acre parcel stalled in 1990 due to a sluggish economy and the failure of two savings and loans that were part-owners of the property.

The council Wednesday night approved a more flexible, preliminary plan for the area, in an attempt to help Resolution Trust Corp., which took over part ownership of the land, sell parcels to new developers. Two firms now appear ready to develop the residential and retail parts, which represent less than half of the property, said Robert Theobald, the city’s planning director.

“We’re starting to see some detailed engineering work going on, and that’s usually an indication that something is happening,” Theobald said. “It’s very expensive to do that kind of work, so people don’t usually go to the trouble unless they’re serious.”

The RTC has agreed to put up the funds for the engineering work for the new streets and utilities, as well as geological studies. If the current developers buy the land and submit acceptable plans for the projects, construction could begin as early as fall, 1994, Theobald said.

As the projects are built, the city will receive several million dollars to help offset the increased traffic caused by the development. By 1997, the owner of the land must pay an extra $3.5 million, which the city plans to use for a new library and, possibly, storm drain improvements and a new City Hall.