$9.75 MILLION PRICE FOR FINAL MALL PARCEL.Byline: Naush Boghossian Staff Writer GLENDALE - The city has agreed to pay $9.75 million for the largest and final piece of property on the Americana at Brand Americana at Brand will be a large outdoor shopping community in Glendale, California. The site is owned by Caruso Affiliated, who owns many other commercial properties such as The Grove at Farmers Market in Los Angeles, CA. outdoor mall site as part of a settlement with owner Better Foods Land Investment Co. The agreement, reached Wednesday, allows the mall's builder to move forward next week with clearing the 15.5-acre site and preparing for construction. As part of the settlement, Better Foods - landlord for the Glendale Big 5 and Rite Aid Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid Corporation is one of the nation's leading drugstore chains. stores at 126 to 130 S. Central Avenue - agreed to drop its suit challenging the project's environmental impact report. Better Foods filed suit in June against the city and redevelopment agency, challenging their right to condemn the property, particularly for the purpose of building an outdoor mall. ``This is the largest piece in the project, so this settlement is very significant in terms of assembling the whole site for development. We thought the settlement we came to was fair to both parties,'' said Phil Lanzafame, interim director of development services. The only legal challenge the city now faces is from Glendale Galleria The Glendale Galleria is a large 3 story regional shopping mall located in Glendale, Los Angeles County, California. It is the second largest mall in Los Angeles County. It is located in Downtown Glendale. owner General Growth Properties General Growth Properties (NYSE: GGP) is a publicly traded real estate investment trust in the United States. It is based in Chicago, Illinois. History The company was founded by two brothers, Martin and Matthew Bucksbaum, in 1954. , which contends that the $264 million project's environmental document is inadequate. That case is scheduled to be heard in court next week. The city had appraised the Better Foods property at $7.6 million, but the additional sum does not affect the land acquisition budget, which still remains at $62.6 million, Lanzafame said. Better Foods attorney Arthur Fine Arthur Fine (b. 1937) is an American philosopher of science teaching at the University of Washington. Before moving to UW he taught for many years at Northwestern University and, before that, at Cornell University and the University of Ilinios- Chicago. said that to the end, the property owner had no interest in selling the property but agreed to settle because of expense and time of the court case. ``Under those circumstances, while this is not the best settlement, it was determined, all things considered All Things Considered (ATC) is a news radio program in the United States, broadcast on the National Public Radio network. It was the first news program on the network, and is broadcast live worldwide through several outlets. , to go ahead and settle at the amount agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy ,'' Fine said. Better Foods never conducted a full appraisal, but Fine said it was clear the property was ``worth significantly more.'' ``They're not particularly pleased by the amount of the settlement on the one hand, and on the other hand there's relief all thin Naush Boghossian, (818) 546-3306 naush.boghossian(at)dailynews.com |
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