Public records request confirms previous Signal reporting on mall plans, request for city funds  A formal copy of the request for $60 million to $75 million from the city of Santa Clarita by the company planning to redevelop the Valencia Town Center mall also provides more details and a few as-yet unpublished renderings for what the mall will look like.  The details and renderings were not made available in December when The Signal first reported the plans’ existence, including the mall owner’s request for city taxpayers to pay for a parking garage. The Signal this week obtained the renderings and a copy of the mall owner’s request through a California Public Records Act request to the city.  Centennial officials Friday again declined to comment on their pending plans, which have yet to be brought forth before any of the city’s planning bodies.  Bits and pieces of Centennial’s plans have slowly been leaking out through “show-and-tells” in the community with prospective tenants, but the company’s executive leadership has so far stayed quiet on commenting about an investment it estimates to reach more than $900 million.  Recent figures were sent in a letter to City Manager Ken Striplin last month by Centennial founder and CEO Steven Levin ahead of a December meeting, in an effort by Centennial to state why a 1,500-space parking structure would be a good investment for the city.  “Construction of this parking structure … is essential for the execution of the rest of the redevelopment plan (total investment of $600M-$650M excluding the parking structure),” according to Levin’s letter. The initial property purchase from the previous owner, Unibail-Rodamco-Westfield, announced in September 2023, adds another $200 million to the project’s cost so far.   In the letter, Levin says the company is picking up where the previous owners left off, noting URW announced a $100 million expansion in January 2020, before a national pandemic changed just about everything.    Artist’s rendering, proposed future Valencia Town Center development. Source: City of Santa Clarita Project background   “Following Sears’ closure at Valencia Town Center in 2018, the prior ownership group proposed ‘The Patios Connection,’ which would have replaced the vacant department store with a Costco Warehouse, cinema and fitness center,” Levin wrote.   Despite a COVID-related change of plans — and later a corporate shift that would see URW sell most of its U.S. retail-based property — the city received a grant from the state to make a plan for the property and surrounding sites, called the Valencia Town Center Specific Plan.  “Since becoming the owners of the mall, Centennial has collaborated with the city of Santa Clarita to ensure that our organization’s vision for the property is aligned with the desires of the Santa Clarita community,” according to Levin’s letter.   Last month, city officials did not appear to embrace Centennial’s first request for the $65 million partnership.  What’s in it for the city  In addition to tax revenue expected in the neighborhood of $3.2 million to $3.6 million annually based on a financial analysis by Kosmont Companies, Centennial also is promising several community benefits planned for Phase 1.  The money the city puts up for the parking garage “catalyzes” the following, according to the Dallas-based developer: a connection for the pedestrian bridges that span Valencia Boulevard and Magic Mountain Parkway via a protected pathway; new meeting and event space attached to a 125-room hotel; a large central plaza that can be utilized for events and celebrations; the creation of nearly 1,200 permanent and 4,165 construction jobs; and the necessary steps for future development.  Levin also said his team expects its figures are conservative because they don’t take into account the future phases of development that will benefit from the parking structure.  The first phase of the development only anticipates 300 homes for seniors from the total 2,200 residential units the city anticipates for the 111 acres in the Town Center Specific Plan Area.  The majority of the first phase looks to be commercial, with a 160,000-square-foot Costco set for Magic Mountain Parkway and its accompanying gas station closer to Citrus Street.  There’s also been talk of an expanded Dick’s sporting goods store concept with fields and courts next to it, although there’s been no confirmation of that.  Map, proposed future Valencia Town Center development. Source: City of Santa Clarita Why Centennial wants the money  Levin’s letter states that there’s a reason why the developer is asking for the parking structure, which has a breakdown of costs to explain the $60 million to $75 million estimate.   One thing is clear: Parking structures aren’t cheap.  As much as one-third of the project’s costs could be concrete, with the cost estimate given ranging from $20.7 million to just under $25 million. The metals, another $10 million to $13 million, and “general conditions and contingencies” for another $10 million to $12.4 million.   “The Valencia Town Center Phase I Redevelopment Plan integrates two typically incompatible development typologies — a walkable, mixed-use project and a large warehouse retailer. Our preliminary analysis indicated that either of these projects could be built independently on the site without the need for municipal assistance,” Levin wrote. “However, constructing both requires a parking structure that the project cannot economically support.”  He added that the residents made it very clear they want both facets of the retail experience.  “We have heard strong support for both options,” he added, “and think that putting them on one site represents a generational opportunity to transform the shopping center and catalyze additional investment in and around the Town Center Specific Plan area.”  In regard to the letter’s request, Councilwoman Marsha McLean said the city has always prioritized fiscal responsibility, and that she thinks there will need to be some further negotiation with Centennial.   Santa Clarita Mayor Bill Miranda said Centennial was bringing a lot of good things to the city, but he also didn’t think it made sense to build a facility for someone else if it would take decades to see any return.  The city has yet to agendize a public discussion of Centennial’s recent request or any plans for the area.  The post A first look at renderings for new mall  appeared first on Santa Clarita Valley Signal.