Mall Would Boost Revenues, Backer Says
A developer who wants to build a massive retail and entertainment complex on an empty lot in Westwood Village said Thursday that a study has found the controversial project would generate about $70 million in taxable sales annually that could help jump-start the village’s beleaguered economy.
An economic impact report, prepared by Kosmont & Associates for developer Ira Smedra, compared Westwood to rejuvenated business districts such as Santa Monica’s Third Street Promenade and Old Pasadena and found the project would help revive the village’s sluggish economy.
According to the report, if Westwood experiences growth after revitalization similar to the kind that occurred in Santa Monica and Pasadena, retail sales in the village could increase to more than $840 million a year. The report also found that sales from the complex would provide $5.8 million in annual sales tax revenue.
Some local homeowner representatives said they had not yet reviewed the report, but expressed skepticism that the project would be a quick fix for the village. “I assume if he paid for [the report], it shows what he wants it to show,” said Sandy Brown, co-chairwoman of the Holmby-Westwood Property Owners.
Smedra, who is seeking to build the $100-million complex on a five-acre site on Glendon Avenue, faces formidable opposition from local homeowner associations who complain that the proposed Village Center Westwood would ruin efforts to transform the area into a high-end, pedestrian-oriented shopping district.
The Village Center, which would take 2 1/2 years to build, would be a Mediterranean-style complex with red tile roofs and a football-field-size public plaza at its heart. A supermarket, drugstore and other shops are planned for the plaza level, with retail stores on the ground level and theaters and restaurants on top.
The project is in limbo after going through a nine-month review process by a working group assembled by Los Angeles City Councilman Mike Feuer. Last month, the 22 community members, residents and merchants recommended changes in the project, including lowering the height of the building and removing the 16-screen theater.
The architects are now working on alternative designs that will be presented to the working group in mid-April.
