CITY OFFICIALS ANNOUNCE MALL OVERHAUL BIG STORE CHANGES PLANNED.Byline: Jim Skeen Staff Writer LANCASTER - Valley Central Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into will get a makeover that will cost up to $25 million and will include larger Wal-Mart and 99 Cents Only stores, officials said Monday. In addition to the investment by the center's owners, Ohio-based Developers Diversified Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , plans for the new center include the city turning over ownership of a former Costco store and providing an incentive of $2.3 million. The incentive package, to be voted on by the City Council on March 23, includes $500,000 for the remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling plus $1.8 million to be paid over several years, at a rate of one-half of the sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. increase generated by the new development. The makeover is expected to generate $500,000 annually in increased sales tax revenue for the city, officials said. ``This is a great project for many reasons,'' Mayor Frank Roberts Frank Roberts may refer to:
above all, most especially , become a magnet, drawing more retail investment in the Valley Central area.'' Valley Central is Lancaster's biggest shopping area, but it has lost three major tenants: the Costco building has been vacant since Costco relocated in February 2003 to Avenue L and the Antelope Valley Freeway The Antelope Valley Freeway is a freeway in Los Angeles and Kern counties in southern California. It is signed as California State Highway 14 along its length. It connects Greater Los Angeles to the rapidly developing Antelope Valley. ; Circuit City moved last fall to Palmdale; and a House2Home store closed in 2002 when the corporation went out of business. The makeover will be in phases. The former House2Home store will be demolished de·mol·ish tr.v. de·mol·ished, de·mol·ish·ing, de·mol·ish·es 1. To tear down completely; raze. 2. To do away with completely; put an end to. 3. and a new 24,000-square-foot 99 Cents Only store will be built in its place. Once 99 Cents Only moves into its new store, the old 125,000-square-foot Costco building and the old 15,000-square-foot 99 Cents Only store will be demolished to be replaced by a super Wal-Mart covering 204,000 square feet. Once Wal-Mart relocates, the current 116,000-square-foot Wal-Mart store will be refurbished into three or four stores. Three pads along Valley Central Way will be built to accommodate either smaller stores or restaurants. The former Hudson's Grill restaurant building and the former Payless shoe store building will also be demolished. The new 99 Cents Only store could be open as early as late this year and the Wal-Mart could be ready in early 2005, said Stan Hoffman, Developers Diversified's director of development. Electronics, sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport and home goods are among the types of stores his company is looking to attract to Valley Central, Hoffman said. The 610,396-square-foot shopping center was built in phases between 1989 and 1991. In September 2000, Developers Diversified Realty acquired the shopping center from Pacific Burnham as part of a $355 million deal for 15 shopping centers. The transaction did not include the old Costco building, which had been acquired by the city as part of an effort to relocate the giant wholesale retailer into a larger building. Jim Skeen, (661) 267-5743 james.skeen(at)dailynews.com CAPTION(S): photo Photo: Lancaster Mayor Frank Roberts talks about the new plans for a Wal-Mart Supercenter at the Valley Central Shopping Center. Gene Blevins/Special to the Daily News |
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