What’s in Store For Downtown Malibu?

By: Editor | April 02, 2008 | Local

Whats in Store For Downtown Malibu?
As the sights, sounds and smells of construction begin to seem eternally present in the Cross Creek shopping center, plans for what was formerly the Malibu Lumberyard are emerging.

The fate of downtown Malibu is centered around a $150 million deal that will transform the area into a more upscale, urban scene, more in keeping with Tribeca or Melrose than a country mart.

According to a website by CB Richard Ellis, a Century City Leasing firm, the building will house businesses including Scoop, Intermix, James Perse Flagship, Mayfield and Tory Burch. This belies rumors that local businesses will take space there, however, current leasing plans state that Bernie Safire, McLean Gallery and Clout will be placed on the second floor.

This controversial plan has many city council members and Malibu locals up in arms. While one city council member touted it as the “deal of the century,” many others believe that the plan undermines the small-town atmosphere that Malibu is known for.

What are irrefutable, however, are the profits to be had by this lucrative deal. It is estimated that the city will garner about $400,000 annually for the next ten years, and could reach numbers as high as $800,000. This will allow Malibu to repay all debt obligations and then some.

Still, many Malibu residents lament the loss of the provincial lumberyard and “Old Malibu,” but many others will enjoy a more cosmopolitan shopping district. And no doubt more still will just be glad to be rid of orange cones and sawdust.

Source: http://www.malibusurfsidenews.com

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