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MainPlace Mall <br />Net Fiscal Impact and Economic Analysis <br />December 2018 <br />Page 17 of 33 <br />Laguna Hills Mall (Five Lagunas) <br />First opening in 1973, the Laguna Mills mall was centered around four major department stores. <br />In 1991 the first of these department stores (6uffum's) closed, forcing the mall to redevelop the <br />former tenant's space into a food Court. In the past few years, the mall suffered as additional <br />anchor tenants have closed their stores (Sears, Macy's, and JO Penny). As of October 2018, all <br />four of the major anchor tenant spaces will be vacant. <br />Facing high vacancy levels, in 2016 Marlene Geier Partners unveiled plans to redevelop to bring <br />it Into line with the modern shopping experience. <br />Rebranded as the "five Lagunas" the project will more than double the existing square footage <br />of the site. The majority of this new gross area will come from the addition of 1.3 million square <br />feet of residential space (988 units). Additional growth is also planned with 115,300 square feet <br />for new restaurant tenant space, 40,100 square feet for a new fitness center, 45,900 square feet <br />for flex retail and office space, as well as an 109,070 square foot expansion of the oinema <br />tenant on site (see Exhibit 3.3.4). <br />The analyses, projections, assumptions, and any examples presented herein are for <br />kosni„d „Illustrative purposes and are not a guarantee of actual andlor future results. Tax analyses <br />are projections only, Actual results may dlffer from those expressed In this analysis. <br />75D-552 <br />