The Icon Co purchased the now vacant Montgomery Ward in Panorama City with plans to build a mixed-use complex.
The Beverly Hills developer paid $18M for the nine-acre site at Roscoe Boulevard and Tobias Avenue. The proposed project, which could consist of 350 apartments and 250k SF of retail, is estimated to cost $150M, according to the LA Times.
A movie theater, grocery store or big-box retailers could be among the possible tenants for the project.
The development, which Icon hopes to turn into a destination comparable to the Grove, could open by 2019. [LAT]
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