The Los Angeles Building and Safety Commission voted on Tuesday to give the once-thriving shopping center the public nuisance designation.
L.A. City Councilman Adrin Nazarian represents the area and pushed hard to get the rundown shopping center declared a public nuisance to give the city options on what to do with the property.
"This property has increased in value significantly over the last 11 years that they've sat on it. So, what I would want to see is an investment being made so that it changes the makeup of this area," Nazarian said.
The Charles Company Real Estate Firm owns the 17-acre property. Nazarian says their company lawyers reached out to his office when word got out of the threat to declare the property a public nuisance.
Eyewitness News reached out to the real estate company, but hasn't heard back.
In its heyday back in the 1950s, 60's and 70's, Valley Plaza was one of the biggest open-air shopping malls on the West Coast.
It was described as the heart of shopping in the San Fernando Valley.
Today, most of it is boarded up. There are homeless encampments outside and inside some of the empty buildings.
Sergy, who runs a neighborhood pharmacy, says he'd like to see the homeless population taken care of before the property is revitalized.
"The homeless population there has been increasing. Every time they clear the whole area, all you see is a whole bunch of people just moved on to the side of the street," Sergy said.
So, what do you do with a 17-acre property that has been vacant for more than 10 years? Nazarian says he has an idea.
"Given the housing shortages we have, this is a perfect, prime location for multiple family housing structures, retail businesses, as well. We need retail business," he said.
With the public nuisance declaration by the city, one option is to demolish the property and send the bill to the current owners.