Firm Gets OK to Develop CSUN Project
The Cal State University Board of Trustees on Wednesday approved a Newport Beach-based firm to develop Cal State Northridge’s so-called North Campus into an upscale retail center whose projected revenues could eventually help fund a new university football stadium, among other projects.
Recommended over three other finalists, the Hopkins Real Estate Group plans to convert portions of the old Devonshire Downs horse track into a shopping center boasting stores such as Bristol Farms Market and Borders books. Construction could begin by June 1997 and be finished by the following spring, builder John D. Hopkins said.
CSUN President Blenda J. Wilson said she welcomed the decision, after months of deliberations, and looked forward to the project actually starting. “Now the planning will begin to go beyond a concept and make the project a reality,” she said.
Wilson--who headed a CSUN selection panel known as the North Campus/University Park Development Corp., which recommended Hopkins--said she was particularly pleased with the firm’s track record in building shopping centers across the country, and with its understanding of the San Fernando Valley. Hopkins also has a partnership with Atlanta-based Cousins Properties, a $600-million residential and commercial developer that has already committed to financing the CSUN project.
The company has previously estimated its shopping complex would reap an annual profit to CSUN of $837,000 to $1.2 million. The exact sum will depend on the number and type of retailers, as well as the length and other terms of the lease between CSUN and the developers.
“Our intent would be to maximize the amount of revenues for the university,” Wilson said. “We’re not shy about that.”
In its proposal, Hopkins/Cousins envisioned a 223,680-square-foot shopping center with a second phase that would add a 20-screen movie theater and a day-care center to the south, boosting the total square footage to 370,180. The complex will be on portions of a 65-acre site along Devonshire Street, between Lindley and Zelzah avenues.
But whether the movie theater gets built is contingent upon CSUN’s existing football stadium--a relic built in 1944 as part of the racetrack--being moved to another part of campus.
University officials had initially hoped to build a new 10,000- to 12,000-seat stadium with anticipated revenue from the North Campus project, but were forced to rethink their goals after development proposals showed projected profits far less than initial expectations.
CSUN Athletic Director Paul Bubb said Wednesday he still looks forward to replacing the university’s existing 6,000-seat stadium, though he acknowledged it may come later.
“We’re probably going to be in the same stadium for the next two to three years, but after that we’re probably going to have to be in a new facility,” Bubb said. “This gives us a time frame to determine what it is we want and how we’re going to go about building it.”
Bubb also noted that campus officials have wanted to develop the site for more than two decades, with one recent plan falling through. In 1992, a $200-million mixed-use proposal with Watt Industries collapsed after the developer pulled out during a downturn in the economy.
The next step toward developing the site will entail coordinating landscaping, layout and other plans with CSUN officials, nearby homeowners and representatives of City Councilman Hal Bernson’s office, Hopkins said. The project will also be discussed at the CSUN trustees’ meeting on June 3.
Wilson added that she hopes some of the businesses that will occupy the shopping center will augment existing CSUN courses and programs, such as the possibility of a computer company helping the university expand its computer technology.
