Shopping Center Business

MAY 2016

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

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USC VILLAGE 342 • SHOPPING CENTER BUSINESS • May 2016 Now, many students prefer to live on or around USC so that the campus has a strong four-year residential experience. While there is no live-on campus require- ment, many students start out in university housing — 98 percent of first-year students live in housing — and move off-campus as they become upperclassmen. A higher ratio of international student enrollment is also boosting the demand for housing, services and amenities on the campus. USC Village is being built on the site of a former shopping center, University Village. The old center had a market, a food court, and a few small retailers. "The idea with the new retail is to pre- dominantly serve our students and facul- ty, as well as the surrounding community, realizing that we sit in an underserved area in Los Angeles," says Wilson. "The retail in USC Village will provide amenities and an enhanced residential experience for our university community and beyond. USC sits near the West Adams neigh- borhood of Los Angeles, an area that has seen housing prices rise dramatically over the past several years. Approximately 15,000 students live around the university in off-campus housing. "USC Village will really be the new epi- center outside of class during the day for our students," says Keenan Cheung, direc- tor of housing for USC. "We are building a lot of public spaces for students to spend time at the complex. It will be a very pleas- ant environment. We think many people will make this their hang-out spot on-cam- pus; it is the logical place to be and it is a convenient place to be. The project is directly in the line of travel for most of our students." In addition, traffic counts for USC Vil- lage are strong, given its location at the corner of two main thoroughfares. About 43,300 cars pass through the intersection of Jefferson Boulevard and McClintock Street at the southwest corner of the proj- ect. Approximately 6,258 bicycles pass by each day, as do 18,700 pedestrians. Trader Joe's and Target Express will an- chor the retail portion of the market. USC is planning a number of uses at the center and has no lack of interest in the retail and restaurant spaces. The university has close to 100 letters of intent for the 30 remaining retail and restaurant spaces at USC Village. USC is seeking to have a mix of one-third services, one-third retail and one-third food. Food operators include contemporary burgers, salads, coffee, juice, pizza, Mediterranean, yogurt/ice cream, seafood and a gastropub. Fash- ion, beauty, pharmacy and athletic wear are among the uses that will be featured at USC Village. The university has not an- nounced many tenants, though Starbucks Coffee and Bank of America are among those that have been disclosed. The Mc- Garey Group and CBRE are working with the university to handle retail leasing. One benefit USC Village will bring to the USC community is extended food- service hours. Currently, only one dining hall operates 24 hours, and it is located some distance from most of the universi- ty's housing. Having more options at USC Parking is below ground at USC Village. A new home for USC's Honors College is also part of USC Village.

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