Simi Valley’s main shopping hub is on track to look a lot less like a giant parking lot and a lot more like a small downtown. Under new ownership, the Simi Valley Town Center is being teed up for a major makeover that would shrink its retail footprint and add housing, dining, entertainment, office space and new public gathering areas. Developers say the concept would turn underused anchor boxes and broad parking fields into an all-day mixed-use destination. None of it can be built, though, until the city signs off on rezoning and environmental review.
The overhaul was laid out in a recent company profile in the Los Angeles Business Journal, which describes the strategy as a careful repositioning of underperforming regional malls. In that piece, Gregg Hall, managing director at SteelWave, put it this way: “We’re not just repositioning real estate, we’re rebuilding community gathering places.” The article presents the Simi Valley plan as one of the partnership’s first large-scale efforts to convert excess retail floor space into more resilient mixed uses.
Site, Size, and What’s Still Open
The Town Center property at 1555 Simi Valley Town Center Way covers roughly 593,800 square feet and still features national tenants such as Marshalls, Ulta, Five Below, and Studio Movie Grill. SteelWave currently markets the complex as an open-air destination that could eventually add a grocery store, gym, and event spaces, along with upgraded outdoor amenities. The owners say they expect to keep much of the street-facing retail in place while focusing new housing on underused sections of the site.
How Many Homes And How Much Retail Would Change
Local reporting that summarizes a city staff packet says an early concept from the developers would allow roughly 291 to 375 new homes on about 15.75 acres within the mall district, with a significantly higher cap possible under state density-bonus rules. That same coverage notes the proposal would demolish around 312,000 square feet of existing retail, about half the current center, while adding in the neighborhood of 42,000 square feet of new commercial space. All of those figures are preliminary and could shift as negotiations continue, according to CLAIR | Simi.
Rezoning, Environmental Review And The Clock
For now, the Town Center reboot is still at the pre-application stage. SteelWave has filed a General Plan pre-screening request, GPPS-2025-0001, asking the city to change portions of the Town Center Mall District to allow higher-density residential and mixed-use development. City planning documents show that the pre-screening cleared the way for a formal review process that will require a detailed application, environmental analysis under CEQA-level review and future City Council votes before any demolition or construction can begin, according to the City of Simi Valley.
Merchants, Museums And Neighbors Respond
Public comment at a May hearing suggested the community is curious but cautious. Some merchants welcomed fresh investment and attention for a property that has seen better days, while others raised alarms about traffic, potential hits to sales tax revenue and what might happen to local attractions located on the site. Town Center general manager Jeff DeJulius told CLAIR | Simi it was “the first time in a long time that someone has come forward and actually asked what the tenants need.” Councilmember Elaine Litster, the lone no vote on the pre-screening, warned that once commercial land is rezoned for housing, that decision is effectively irreversible.
Next Steps And Community Outreach
City officials and the development team say they plan to keep residents and business owners in the loop as the project takes shape. SteelWave and Steerpoint have launched outreach efforts and hosted a public community meeting at the Town Center in July 2025 to gather feedback from neighbors and merchants. Under the city’s timeline, the developer has up to a year from the pre-screening decision to submit a full application. After that, environmental studies, a development agreement and additional public hearings will determine what, if anything, ultimately gets built.
Whether the Simi Valley Town Center’s next chapter looks more like a walkable neighborhood or a leaner, refreshed retail strip will depend on how the city weighs housing mandates, fiscal impacts and the needs of existing merchants. Those details are expected to be negotiated over the coming year as plans are refined and the public process plays out.
