Shopping Center Business

MAY 2016

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

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Page 154 of 358

IRVINE SPECTRUM 150 • SHOPPING CENTER BUSINESS • May 2016 T wenty years after its development, Irvine Spectrum Center in South- ern California is undergoing a massive reinvestment by its owner, Irvine Company Retail Properties. The reinvest- ment will add more retail and restaurants to the strong performing center, which continues to set the bar higher for retail, restaurant and entertainment venues in Southern California and nationwide. Irvine Spectrum Center opened in 1995 as one of the nation's first entertainment centers, solely anchored by a number of restaurants, a theater and no department store. The center was groundbreaking for the shopping center industry when it was built; an open-air format without a de- partment store anchor that relied heavily on restaurants, and featured a 21-screen Edwards Theaters and Dave & Buster's as its anchors. The industry, including Shopping Center Business, flocked to see the center in action. Shopping Center Business first visited the center in the fall of 1997. It was the first time we'd ever seen a P.F. Chang's China Bistro, a multi-screen theater and a restaurant "court." Nearly 20 years have passed since SCB's first visit and seven additional phases to Irvine Spectrum Center have brought more entertainment — including a 108- foot giant ferris wheel and the nation's most popular comedy club — as well as additional restaurants, specialty retail and anchor tenants, and brought the center to about 1.2 million square feet. Nordstrom, Target, Forever 21 and 24 Hour Fitness have been among the tenants that have added anchor locations. Today, Irvine Spectrum Center is among the top per- forming centers in the nation. "Most people come to Irvine Spectrum Center to create an experience," says Dave Moore, president of Irvine Com- pany Retail Properties. "Whether that is through retail, one of our attractions or entertainment, they generally come with a few options in mind on how they intend to create that experience." In our first article on the center, we ven- tured to say that Irvine Spectrum Center would be the hub of entertainment for a larger master planned area one day. When it was first developed, Irvine Spec- trum Center sat by itself on a parcel of land between Interstates 5 and 405. To- day, the center is surrounded by office, apartments and hotels, all developed by the Irvine Company, which also owns and operates Irvine Spectrum Center. Approximately 11 million square feet of office space — including the tallest office buildings in Orange County — surrounds Irvine Spectrum Center now, and Irvine Company has plans to add more than 6 million square feet of additional office Reinvesting In Success Twenty years after its initial development, Irvine Spectrum Center is being reinvented for the future. Randall Shearin New lighting and enhanced areas for visitors to spend time are part of the plans for Irvine Spectrum Center in Southern California. New retail space is planned along with new seating areas and open-air spaces at Irvine Spectrum Center as part of a $150 million expansion.

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