A derelict 13-story structure in Panorama City could soon see new life as a mixed use project with an adjacent shopping mall.
The Panorama Towers building, which was constructed in 1962, was damaged in the 1994 Northridge earthquake, and has been sitting empty ever since. In 2015, however, prolific developer Izek Shomof purchased the Welton Becket-designed building for $12.5 million and soon announced plans to redevelop the property with a mix of housing and retail.
Last week, Shomof filed plans with the city (spotted by The Real Deal) calling for construction of an “open mall building” to supplement the new development. Further details are hazy at this time, but it appears that the tower and the mall would share a new parking structure that Shomof also plans to construct.
The project is one of several that could transform the San Fernando Valley neighborhood in coming years. A large mixed use project on the site of the former Montgomery Ward department store is also in the works, while the recent purchase of the Panorama Mall by Primestor Development has inspired speculation that a major overhaul of the shopping center could be on the way.
- Izek Shomof’s Panorama Tower could include an “open mall” [The Real Deal]
- An ode to the Valley before it changes [Curbed LA]