Shopping Center Business

SEP 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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CALIFORNIA 44 • SHOPPING CENTER BUSINESS • September 2018 posed retail and residential project on the site of a former Fresh & Easy building in Signal Hill, as a prime example. The mixed-use development headed up by Signal Hill Petroleum (SHP) and Vestar calls for 42,800 square feet of retail, 199 apartments, four single-family residences, a parking structure, a "Main Street," an outdoor plaza and community gathering spaces for events like farmer's markets or movies in the park. KTGY is designing the seven-acre site, which sits adjacent to the Signal Hill historic district, as a new city center and downtown — something Perkowitz and his team feel is lacking in the area. Heritage Square isn't the only project to move away from big box and toward multi-function. Derrick Moore, senior vice president of CBRE in Downtown Los Angeles, has wit- nessed this trend throughout the state. "Those leaving vacancies will likely con- tinue to be big-box retailers that failed to create meaningful experiences and con- nections with consumers," he says. "Con- venience is more important than ever, giv- en many people's busy lives. That's where the live-work-play concept has become more relevant, driving demand for mixed- use developments where residential, retail and office converge." Co-working spaces have gained par- ticular favor with California landlords as they look to replace certain soft goods that are now commonly purchased on- line with necessary services and unique experiences. "One of the most interesting trends we're watching in malls and with big- box space is co-working," says Karl Thompson, project manager at CRE- Models. "I think malls in suburban markets have some great potential City of Chino Business Friendly, Community Strong Centrally located in Southern California. A population of over 80,000 and growing. Median income of over $90,000. 9th fastest growing population in 2015. 909.334.3254 Contact us today to locate your shop or restaurant in Chino! PLEASE VISIT US AT THE ICSC WESTERN DIVISION BOOTH 2439! KTGY Architecture + Planning sub-divided Courtyard at the Commons — once a single-use big box retail store — into three new tenant suites, reflecting the evolving trend in retail demand for smaller in-line shops rather than large single-use retail stores.

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