Valley Plaza: Could City Hall Be New Owner?

The massive and long empty Valley Plaza shopping center has become one of the biggest eyesores in North Hollywood, but a LA City Councilman wants to revitalize the property by potentially transferring ownership from a private entity to city hall.

The aftermath of the 1994 Northridge Earthquake left many storefronts at the 23-acre site unusable. Built in the 1950s, Valley Plaza was bought by iStar Financial in 2009, but the company has yet to announce any plans on what to do with it.

Last week, Krekorian introduced a motion for the city to look at the legal options, as well as eminent domain, in order to acquire the property and spur development.

"After years of meetings and discussions, it is time for action," he said. "North Hollywood and all of the East San Fernando Valley deserve a restored shopping center worthy of our great city and I will not rest until we make that happen."

The motion was seconded by his colleagues and will next head to committee for the next step of the process toward getting it approved by the council.

"We need to move forward with a revitalized Valley Plaza shopping center that will uplift our community rather than degrade it, that will contribute to the ongoing economic recovery of the area and create jobs, and that will include neighborhood-serving businesses, restaurants and community amenities," Krekorian said.

Do you think the city should buy Valley Plaza? Do you think there are any other ways to spur the shopping center's revitalization?