After numerous failed attempts to overhaul Valley Plaza, a tired-looking mall in North Hollywood, developer J.H. Snyder has handed the 23-acre site back to lender iStar.
The New York commercial lender and real estate investment trust took possession of the site about two weeks ago, according to numerous sources. J. H Snyder acquired Valley Plaza, located at the southwest corner of Laurel Canyon and Victory boulevards, more than a decade ago.
Developer Bob Symonds built Valley Plaza in the 1940s, , and the project remained successful until competing malls and outlets opened in surrounding areas. A succession of renovation proposals, including a $333 million planned make-over to add department stores, restaurants, and new retail shops, never materialized.
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