Thousand Oaks Mall Plans Get Downsized
A year after a merger of department store chains put expansion at The Oaks mall on hold, operators of the Thousand Oaks shopping center have redrawn their renovation plans.
Macerich Co.’s new concept for Ventura County’s largest mall adds much less new space, but still includes a complete interior renovation and the county’s first Nordstrom department store.
The Santa Monica-based company has resumed public meetings to discuss its intention to refurbish the 28-year-old mall. The new proposal calls for adding nearly 231,0000 square feet -- less than half the space included in its previous plan.
But Macerich officials said that’s an improvement.
“This project offers everything people have been asking for, but this one is better because it’s smaller,” said Randy Brandt, senior vice president for development leasing, who also was upbeat about losing two of the mall’s five anchor stores.
In March 2005, Macerich halted its renovation plans after Federated Department Stores Inc., parent of Macy’s, announced it would acquire May Department Stores Co. for $11 billion. Because of previous mergers, there were already two Macy’s and two Robinsons-May stores at The Oaks. JCPenney was the mall’s fifth anchor tenant.
One of the Robinsons-May stores just closed. The other will close before the renovation.
“The consolidation of department stores offered us an incredible opportunity ... “ Brandt said. “We took roughly 150,000 square feet of what I would call poor-producing retail and we’re able to redeploy that space into potentially higher-producing retail space.”
Gary Wartik, the city’s economic development manager, said even with less new retail space, the expansion could eventually produce $600,000 in additional annual sales tax revenue for Thousand Oaks. Additional property tax could total $300,000, according to the city. The Oaks currently provides about $2.5 million in annual sales taxes. By comparison, the Thousand Oaks Auto Mall generates about $6.5 million, Wartik said.
Size aside, the new proposal is much like the old one.
The renovated mall would feature a full-service, 144,000-square-foot Nordstrom; have one, rather than two, parking structures; and add 555 parking spaces to accommodate additional customers. Macerich also would create a two-story, open-air marketplace for fashion retailers and a new food court, and build a 14-screen, 3,200-seat cinema and four free-standing restaurants.
When complete, the 125,000-square-foot expansion would have four anchors: JCPenney, Macy’s Women, Macy’s Men and Home, and Nordstrom. A second phase, seven to 10 years down the road, could include a fifth high-end department store with about 106,000 square feet.
“It really looks good,” said City Councilman Tom Glancy, who, with Councilman Andy Fox, sits on a council committee that will help oversee the expansion. “This project is smaller in scope and a little less intrusive.”
Mayor Dennis Gillette, who attended Macerich’s first public meeting Thursday, said a smaller project with a single parking structure that’s one floor shorter than the structures in the original proposal should be more acceptable to critics who said the taller structure would have been an eyesore.
Macerich officials say they intend to bring their revised environmental documents to the city by September and hope to receive final city approvals by year’s end. If that happens, construction could begin by early 2007 and be completed by fall 2008.
Previews of The Oaks expansion are scheduled for tonight at Los Robles Greens Golf Course, 299 S. Moorpark Road, and Thursday at Hyatt Westlake Plaza, 880 S. Westlake Blvd. Both sessions begin at 7 p.m.
