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 158 of 358

IRVINE SPECTRUM 154 • SHOPPING CENTER BUSINESS • May 2016 Some work to prepare for the new paseo has begun, while the demolition of the Macy's box and new construction will launch this summer. Irvine Compa- ny is also improving the public spaces of the existing common areas, adding new soft seating, landscaping and hardscap- ing. The company has also started on improvements to the ring road and park- ing facilities, since they will be impacted during construction. A new parking deck — which also serves a nearby office build- ing — completed construction in 2015 in anticipation of a new phase of the cen- ter. The company is estimating one year of heavy construction, followed by nine months of tenant build-out. It is anticipat- ed the new retail will open in the first half of 2018. "These will not be run-of-the-mill stores and restaurants, so we are allotting extra time for retailers to really create some- thing special for this environment," says Moore. Over the past 20 years, the Irvine Com- pany has refined the entertainment and dining experience at Irvine Spectrum Center. During one project, the company removed a 7,000-square-foot restaurant to make way for public space. The company always feels that there can be room for im- provement. The new renovation is being done in a "surgical" style that will allow the center to remain open for business during the course of construction. Two new pylons — one each facing Interstate 5 and Interstate 405 — wrapped in LED will be part of the project that enhances the center's visibility. "This new digital signage will give cus- Irvine Company Retail Heads Off The Ranch M ost of Irvine Company's retail hold- ings are in the Irvine Ranch area of Orange County, where the company holds 42 regional, neighborhood and community centers. As the company's office and multifamily divisions have ex- panded to other areas, its retail division has followed closely behind. In Northern California's Silicon Val- ley, Irvine Company has acquired sever- al office properties, and is developing several new office projects. Adjacent to a 1.7 million-square-foot office complex that Irvine Company is building called Santa Clara Square, Irvine Company Re- tail Properties is developing Santa Clara Square Marketplace, a 160,000-square- foot community center anchored by a flagship Whole Foods Market and Sur La Table. It is the first ground-up development that Irvine Company Retail Properties has undertaken in the area. Other tenants at the center include Fleming's Steakhouse, Il Fornaio, Books Inc., Core Power Yoga and Specialty's Cafe & Bakery among others. The company is in the process of negotiating more restaurant and retail deals for the center, which will open this summer. Irvine Company's multifamily division is also developing 1,800 apartment units adjacent to the center due to open in 2018. "We are not only embedding retail to serve our apartment and office communities, but the underserved communities that already exist around the area," says Moore. Irvine Company Retail Properties is also working with the Irvine Company's multifamily division on three additional retail projects in Northern California. The company plans to bring approximately 100,000 square feet of new retail space to market over the next few years in Silicon Valley. — Randall Shearin Irvine Company Retail Properties is developing a 160,000-square-foot retail center anchored by Whole Foods Market adjacent to the Irvine Company's Santa Clara Square offce project. Irvine Company Retail Properties plans to open the new retail at Irvine Spectrum Center in the frst half of 2018.

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