REVIVING `THE (GM) PLANT'; SHOPPING CENTER DEVELOPERS READY TO OVERHAUL VAN NUYS SITE.

Byline: Rick Orlov Daily News Staff Writer

Once home to the nation's hottest sports cars, the former General Motors plant was reborn Tuesday with the announcement that work will begin there on the San Fernando Valley's largest shopping center within 90 days.

What developers and the city plan for the 70-acre site is a project that would revitalize the Valley's center, an area that once thrived with high-paying assembly line jobs but now is plagued by gangs and blight.

The project's supporters say the center would open by spring of 1998, creating more than 2,000 jobs. Plans call for 10 stores, a 16-screen theater and possibly a new police station, the Valley's sixth.

``The significance of this is it shows the San Fernando Valley is not just back - it's better,'' Mayor Richard Riordan said during a news conference on the weed-strewn, dusty site, smack in the middle of residential neighborhoods.

And, to celebrate the former GM factory's 50-year heritage of producing cars such as the Camaro and Firebird, the project will be called ``The Plant.''

Riordan, Councilman Richard Alarcon and developers Dan Selleck and Robert Voit announced that agreements have been made with retail businesses to fill 90 percent of the estimated 200 million square feet in the $75 million project.

Leases have been signed with major firms including the Home Depot, Babies R Us, Ross Dress for Less and Office Max, according Selleck, whose Selleck Development Group is in charge of commercial and retail development on the site.

Other tenants are expected to include Radio Shack, Party City, Mode Five Clothing, Sally's Beauty, Famous Footwear, Chief Auto Parts, In-N-Out Burger and an Arco gas station.

Voit, who has control of half the land for the industrial development on the east side of the property, said he is also close to wrapping up negotiations with firms interested in locating on the site.

``We have talks going with a number of people that will create good-paying jobs,'' Voit said. ``In all, when the project is complete, we hope to see 2,500 to 3,000 jobs from the area.''

Alarcon, whose district includes the project, described the plans as key to the community's rebound.

``From the moment I took office four years ago, and flew over the Valley in a helicopter with Mayor Riordan, I said this was my highest priority,'' Alarcon said. ``And, the mayor agreed. It took a little longer than expected, but our goal was always to be at this point.''

General Motors closed the plant in 1992, throwing more than 2,500 people out of work and devastating the surrounding neighborhoods. Since then, the city has sought new tenants, eliciting a variety of proposals, none of which worked out, until the Selleck-Voit partnership.

One factor that has made the job difficult has been the lack of buildings, developers said. The plant was knocked down, and all that remains are weeds and a few trailers.

``They come out here and see vacant property and it's hard for people to visualize what will be here,'' Voit said, gesturing at the empty tract. ``Once we have buildings up, people will realize the potential.''

Alarcon said one of the keys to getting the project done was a $4 million grant from the federal government to pay for the extension of Arminta Street through the property for the industrial portion.

In addition, the city had provided $1 million in federal grants, while the developers will arrange the rest of the financing.

Also included in the agreement is a five-acre lot between the commercial and industrial developments that will be set aside for a police station.

The city has earmarked about $2.5 million from various funds for the station, not enough for the $25 million to $30 million needed to construct a modern police station, Alarcon said.

``We don't need all that land for a station, so we are looking for a way to make use of some of the land to leverage that to build a station,'' Alarcon said.

Until the police station is built, there will be a 2,500-square-foot police substation.

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Photo

Photo: Mayor Richard Riordan draws a laugh as he bows to kiss developer Bob Selleck's hand at the GM site.

Tina Gerson/Daily News