Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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CALIFORNIA 56 • SHOPPING CENTER BUSINESS • August 2016 Free People, Barnabas Clothing Co., Lush Cosmetics and home decor shop Cherry Hills Market — local and emerging restau- rant concepts and a 'dog beach' with ac- companying retailers including Top Dog Bakery and Bath & Boutique, a gourmet treat shop which offers doggie daycare and grooming services. The beachfront property was designed by Jerde Partnership to embrace the lo- cal lifestyle and beachside atmosphere — striking a relevant cord with consumers in the area. The next step for owner DJM Capi- tal Partners will be developing another 20-acres of the site to contain multifamily and hotel components. UDR is develop- ing The Residences at Pacific, a 516-unit multifamily complex scheduled for de- livery in 2017. R.D. Olson is also set to develop a 250-key, eight-story Pasea hotel. Los Angeles is seeing two major rede- velopments at Westfield's Century City and The Ratkovich Company, National Real Estate Advisors and Blue Vista Cap- ital's The Bloc. The Bloc, originally built as a tradition- al regional mall in 1973, is being redevel- oped as an open-air urban complex set to encompass 1.1 million square feet of office, retail and hospitality. The project — which received $225 million in financing this April — will be anchored by a renovated flagship Macy's. A variety of artisanal retailers and restau- rants, as well as creative-leaning office space and a newly renovated 496-room Sheraton Los Angeles Downtown will make up the balance of the project. Westfield's $800 million redevelop- ment of Century City, a 1.2 million-square- foot regional mall located in Los Angeles, is currently underway and set to include a mix of new retail and food destinations for patrons of the center. The renovation will include the addition of a new three-level Nordstrom flagship, a remodeled Bloomingdale's, a modern two-level Macy's and a 50,000-square-foot outpost of Mario Batali's Eataly food hall. Eight acres of open space will com- pliment plazas, tree-lined walkways and strolling gardens placed strategically throughout the open-air sections of the center. Westfield is also undergoing redevel- opment on its asset Westfield UTC in San Diego, California. The multi-phased transformation of the center began in 2012 with a reinvention of the center's common spaces, including the addition of an ArcLight Cinema, a new fitness center and a dining terrace. Phase II of the redevelopment will feature 251,000 square feet of new retail and chef-driven restaurant concepts; a two-level Nordstrom with a restaurant; 15,000 square feet of indoor/ourdoor event space; new water features and open air courts; and a tree-lined valet drop off with a contemporary arrival lounge. In each redevelopment and new devel- opment across the market, the focus is clear: creating a place where people want to live, work and play. Location, Population & Cooperation HEMET California CITY OF Follow success…to Hemet. With available sites, growing population (over 80K), rising household incomes and the center of a trade area of over 150,000 customers, Hemet is right for you, right now! To join those who've found success in Hemet and learn more about opportunities in Inland Southern California, the Nation's most powerful market, contact the City of Hemet, Administration Office at 951-765-2301 or kaguilar@cityofhemet.org www.cityofhemet.org