El Cajon is advancing multiple efforts related to the potential acquisition and long-term revitalization of Parkway Plaza, including securing a land-use planning grant and hiring a financial firm to explore funding options. Officials have lauded the purchase of the mall as one that could reimagine t he space into a multi-use site with the potential to generate large amounts of revenue for the city. Early proposals for the renovation would redesign the mall into a space for shopping, housing, social gathering and transit access. “In its heyday, when the carousel was there, it was the largest source of tax revenue for the city,” Councilmember Phil Ortiz said. “The city has decided to take a leadership role … to see what Parkway Plaza could be for the city, to revitalize it. I’m excited about it, I think it has a lot of potential.” Parkway Plaza is the largest commercial indoor mall in San Diego County. The retail center has recently seen a shift in ownership, prompting concern for the future of the space from city officials and the public. Acquiring the property would involve a process that is both complicated and expensive; a market market appraisal performed in 2021 estimated the shopping center’s value at $150 million. City leadership has met in closed sessions with property representatives for the mall several times as part of ongoing negotiations. “This would be probably the most complicated acquisition that most city staff in the city of California have ever dealt with,” City Manager Graham Mitchell said. The revitalization plan has been in discussion for years, but city leaders have recently shifted several efforts concerning the mall’s potential acquisition into high gear. Earlier this month, El Cajon secured a $650,000 Smart Growth Incentive Program grant through SANDAG, primarily to support land use planning for the property. Officials said the initial planning work has begun, with a significant portion of the technical analysis slated for next month. A portion of the land-use study includes a “robust” community outreach program, Mitchell said, which includes events such as town halls where staff collect input from the community on the revitalization project. The city also entered into a one-year, $35,000 contract with NHA Advisors on Nov. 17 to assist in identifying funding opportunities for a possible acquisition, Mitchell said. The advisor will review short and long-term benefits, or liabilities, of purchasing the property, according to a staff report. While it is difficult to measure exactly how much revenue the revitalization could bring in for the city, an advisor from Hunden Partners estimated that it could be expected to increase the city’s annual revenues by at least $10 million. “The status quo at Parkway Plaza has been that no one has really taken a leadership role,” Ortiz said. “We want to get it right, so we want to surround ourselves with the best advice possible.” ...read more read less