Land Buy Sweetens Snyder's Bid to Redevelop Valley Shopping Center.

J.H. Snyder Co. has entered escrow to buy a nine-acre parcel on the Valley Plaza site in North Hollywood, a move that could give Snyder an edge in determining which developer winds up handling the shopping center's envisioned $130 million overhaul.

The purchase would make Snyder the largest of several Valley Plaza landowners. The Los Angeles Community Redevelopment Agency, which is charged with evaluating bids and selecting a developer, has said that the size of a bidder's holdings will be one of the factors considered.

Cliff Goldstein, a partner at Snyder, confirmed that escrow was entered on "a large parcel" in Valley Plaza about a month ago, but declined to provide details. The seller is the Symonds family, which originally developed the center.

"We started negotiations to acquire the property even before the CRA came into the picture," he said. "There's no question that (acquiring the nine-acre parcel) doesn't hurt our bid to be selected by the CRA, but it was a great piece of property in a great location that we thought we could develop."

While Snyder's preference is to be selected for the overall 40-acre, $130 million project, the firm's "fallback plan" would be to develop its nine-acre parcel, Goldstein said.

That is the tack being taken by Arba Group, which is in escrow to acquire a five-acre site at Valley Plaza that housed a J.C. Penney store until damage from the North-ridge earthquake forced that store to close. Ira Smedra, president of Arba, said construction on the site could begin early in 2000.

In the next few weeks, the CRA will send out request for proposals to Snyder, Arba and other parties that submitted statements of interest. The company selected will then have to be approved by the CRA board and the Los Angeles City Council, a process that should be completed in the first or second quarter of next year.

The CRA took over the Valley Plaza project in February, after a number of developers failed in their efforts to acquire the center. Site acquisition is complex because 33 different entities own pieces of the parcel, including a number of trusts made up of another dozen individuals. The involvement of the CRA, with its power of eminent domain, is expected to force owners to sell their respective pieces.

One portion likely to be excluded from redevelopment is the complex fronting Laurel Canyon Boulevard, including Sears, that was renovated after the Northridge earthquake.

Further complicating the project is a feasibility study underway by the Los Angeles Unified School District to determine if the site should be used for a new high school.