Panorama City Tower May Get New Life
The Panorama Tower building in Panorama City may be transformed into a mixed-use project with an adjacent shopping mall.
The 55-year-old, 13-story building on Van Nuys Boulevard was damaged in the 1994 Northridge earthquake. It has been vacant since.
Pacific Investment Group principal Izek Shomof bought the office building two years ago for $12.5M, The Real Deal reports. He previously unveiled plans to create a live/work complex with ground-floor retail.
Now he has filed plans with the city to build an open mall beside the building along with a new parking structure. The project would be near Panorama Mall.
There is also a planned demolition of the Montgomery Ward department store by Icon Co. for another mixed-use residential and retail project.
