IE Business Daily Business news for the Inland Empire.
The long-rumored renovation of Montclair Plaza might happen soon.
CIM Group, which bought the beleaguered mall last year, could break ground within weeks on remodeling plans that would transform some of the property into an outdoor facility, according to a report in the Inland Valley Daily Bulletin.
The Hollywood developer wants to bring more stores, a movie theater, parking garages and outdoor plazas to the mall, which has struggled to compete with Ontario Mills and Victoria Gardens.
On Monday, the planning commission approved CIM Group’s renovation plans and its environmental report on the proposed renovation. If all goes as planned, the first phase of the two-phase remodeling could be finished by the end of 2016, the report stated.
Ultimately, CIM Group – which is believed to have paid $170 million for the mall – wants to develop a series of outdoor shops and restaurants where people could walk and gather. Cost of the renovation was not reported.
Montclair Plaza opened in 1968 and has undergone one major renovation, in 1985, when its upper level was added. It does more than $240 million a year in business and generates about $2.4 million in sales tax revenue for the city, the report stated.
