Primestor Development Plans 4.5M SF Hotel, Resi Development at Panorama City
Primestor Development plans to replace a shopping center in Panorama City with a hotel, residential and commercial development.
The Culver City-based developer has filed plans with the City of Los Angeles to build a 4.5 million square foot project at 8389 North Van Nuys Boulevard. Primestor did not respond to a request for comment.
Currently, the site is home to a 312,000 square foot shopping mall, which Primestor bought from Macerich for $98 million in 2015, according to public property records. As part of the deal, Primestor also purchased a 20,000 square foot Aldi grocery store across the street at 14266 Roscoe Boulevard.
Primestor secured a $30 million Eastern West Bank refinancing package on the resort in March 2021, according to public records.
The mall’s tenants include Walmart, Foot Locker, Aeropostale and fast-fashion retailer Fashion Nova, as well as Curaçao, a department store with locations on the west coast. The resort largely caters to the local Hispanic population, with more than 75% of the population within a three-mile radius identifying as Hispanic, according to the mall’s marketing materials.
The extension is coming soon. In 2017, Primestor proposed adding 130,000 square feet of retail and dining to the property, as well as a large movie theater and 120-room hotel.
Panorama City has seen a number of redevelopments increase in recent years. In 2020, developer Izek Shomof completed a $25 million renovation of the 13-story panoramic tower, transforming the property into a 194-unit apartment complex. This property is located at 8155 Van Nuys Boulevard, just 200 feet south of the Primestor Mall.
Across the street from the mall, Beverly Hills-based ICON Company is still working to build a 675-unit complex, after years of environmental reviews and lawsuits.