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 348 of 358

USC VILLAGE 344 • SHOPPING CENTER BUSINESS • May 2016 The 1.2 million-square-foot USC Village will provide 150,000 square feet of needed retail and 2,700 beds of student housing. Village also allows extended foodservice hours without the university having to operate a dining hall. Many students cur- rently leave campus to shop or dine, visit- ing downtown or more distant shopping centers like The Grove. "They are driving 45 minutes in some cases for shopping and eating," says Wil- son. "USC Village will bring a lot of the services, retailers and restaurants they are seeking to campus." In addition to the local community and the university's faculty, staff and students, USC has 5 million visitors to its campus and the adjacent Exposition Park each year for football games, sporting events, community events and academic visits. Because of its Collegiate Gothic design, USC Village's retail will have some unique features. Large porticos are created on the first level that will allow restaurants to have covered outdoor dining. Several large open-air plazas sit between the build- ings, which will create open spaces for seating, bike racks and open-air dining. The university will be heavily landscap- ing the open areas so that they create a park-like feel even amid the brick edifices. The anchor building, known as Build- ing 9, will include Trader Joe's and Target Express and will sit along Hoover Street. USC has plans to add three service-ori- ented tenants in that building. Building 4, which is adjacent to Building 9 and backs up to McClintock Street, will include housing and dining for the university's Honors Residential College. Retail uses for Building 4 include athletics/sporting goods and a gastropub that will feature outdoor seating. Also housed in that building — but relatively invisible to visi- tors — will be a large Gothic-style dining hall for students. Building 6, which fronts Jefferson Boulevard, will house the USC Fitness Center and several food-oriented tenants. Buildings 7 and 8, which sit at the corner of Jefferson Boulevard and Hoover Street, will house more food, fashion tenants and some service orient- ed retailers. Including USC Village, the university has $2 billion worth of real estate under development. Four additional academic buildings are under construction on the main campus and two buildings are un- der construction on its Health Sciences campus in Northeast Los Angeles. USC has raised the money for all of this devel- opment, so no financing is needed for this self-funded project. The university is in the middle of a fundraising campaign that has raised $5 billion of its $6 billion goal to support academic initiatives, as well as capital construction. "We have a lot in the pipeline," says Wil- son. "We are fortunate to be in a financial position to be able to pay for all of this development from existing resources." SCB USC Village combines open space with needed facilities to create an environment conducive to learning and living.

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