Macy’s acquisition completes Festival’s Simi Valley site plan

The Festival Companies has purchased the former Macy’s parcel contiguous to its Simi Valley Town Center, about halfway between Los Angeles and Santa Barbara.

This acquisition gives Festival control of the entire town center site—comprising 600,000 sq. ft. of retail space--as well as ownership of the anchor property situated at the gateway of the development.

“Now that we have overall site control, we can move forward with our redevelopment plans which include a five-acre apartment development and a future hotel site,” said Festival CEO Rosalind Schurgin.

Schurgin added that retail will continue to play a major role in the space, including outparcel restaurants and anchor stores.

Festival’s mission statement is to “create assets that transcend economic cycles and capitalize on the evolution of retail.”  Some of its other prime retail properties include the River Oaks District in Houston, The Royal Hawaiian Center in Honolulu, and the Sherman Oaks Collection in Sherman Oaks, Calif.