Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/873170
4TH ST 3RD ST Site 1 52 • September 2017 • Western Real Estate Business www.REBusinessOnline.com Close to LAX, Laurus Corporation is planning to redevelop The Prom- enade at Howard Hughes Center in to HHLA, creating a destination for dining and family-friendly enter- tainment. Laurus, who acquired the property in 2013, plans a $30 million renovation that will involve creating more connectivity between retail and restaurant tenants, as well as improv- ing access from adjacent office build- ings and the neighborhood. JERDE is designing the renovation. In Manhattan Beach, JLL Retail is working on a $150 million redevelop- ment of Manhattan Village, the iconic 573,000-square-foot center at the inter- section of Rosecrans and Sepulveda Boulevards. CallisonRTKL is working on the design of the project, which will feature a new 53,300-square-foot open-air plaza linking the interior of the center with exterior retailers and restaurants. The center will add a mix of curated retail and chef-driven restaurants to complement its strong line-up of tenants, which include Ap- ple, Williams-Sonoma, Pottery Barn, Victoria's Secret and Tommy Bahama, among others. Macy's has begun con- struction to consolidate its two stores at the center to one 60,000-square-foot store. "We're adapting to the new shop- ping landscape," says Phil Friedl, senior vice president for JLL Retail. "With this redesign, we have the op- portunity to rebalance and rejuvenate Manhattan Village and meet the ex- pectations of today's discerning con- sumer." Federal Realty Investment Trust and Primestor have created a joint venture that will own several centers devel- oped by Primestor, including Azalea in Southgate; Bell Gardens in Bell Gar- dens; La Alameda in Walnut Park, and Plaza del Sol in South El Monte. All of the projects are located in areas where retail demand is greater than supply. The venture will allow both compa- nies to create value from the centers by applying their expertise together. New developments also continue in the area. In Downtown Los Angeles's Arts District, Blatteis & Schnur and ASB Real Estate Investments are cre- ating a mixed-use project, At Mateo, that will contain 185,000 square feet of retail, restaurants and creative office space. Cahuenga Investors LP, a Los An- geles-based investment group, has ac- quired the home of Grandmasters Re- corders, a recording studio on North Cahuenga Boulevard in Hollywood, to make room for a retail development. The building was built in the 1920s and began its life as Bijou Studios. The property includes a 9,200-square-foot commercial building on 8,557 square feet of land, is located at 1518 N. Ca- huenga Blvd. The buyer plans to reno- vate and convert the space to retail, restaurants and possibly a nightclub. Shapell Liberty Investment Proper- ties has broken ground on The Vine- yards at Porter Ranch, a $150 million mixed-use project in Los Angeles' Porter Ranch neighborhood. In ad- dition to restaurants and shops, the 345,000-square-foot development will include a movie theater, Whole Foods Market, Kaiser-Permanente medical office building, hotel and 266-unit luxury apartment complex. The proj- ect is a joint venture between Shapell Properties Inc. and Liberty Building Co. The Vineyards is being developed on the north and south sides of Rin- aldi Street at the western intersection of Porter Ranch Drive. The design in- cludes a main street and central green area that will host community events. Other features include a 4,000-square- foot community meeting room, solar panels on rooftops to help supply power to the complex, a rainwater capture and irrigation recycling sys- tem, and electric car charging stations. "The Vineyards will be a sophisti- cated, pedestrian-oriented retail expe- rience that not only will serve as a cen- tral gathering spot for Porter Ranch 032-110-58 6.71 Acres 032-110-41 4.64 Acres 032-110-30 5.09 Acres 032-110-66 2.66 Acres 032-110-86 2.63 Acres 032-110-81 1.3 Acres 032-110-75 0.91 Acres 032-110-79 0.68 Acres MAIN ST CENTER ST NORTH ST FRONT ST SUPPLY ROW S 10TH ST S 6TH ST S 4TH ST 8TH ST 5TH ST 6TH ST 7TH ST 2ND ST HOPE ST S 8TH ST NAYLOR AV S 2ND ST S 7TH ST FRAN KL ASHER A V OLIVE AV S 5TH ST AMBER ST SH AT ASHER WY N 10 TH ST P ILGRIM AV S 3RD ST OAK ST ASHER WY Oil Work er Monument Park & Ride Trans it Center Bes t Wes tern Hotel 032-110-67 1.38 Ac res 032-110-42 1.56 Acres 032-110-78 0.34 Acres 032-110-74 0.46 Acres 032-110-80 . 0.64 Acres ^ _ ?ü ?ü A Þ City of Taft To Bakersfield _ To Hwy 166, Santa Maria, San Luis Obipo d e To Paso Robles Downtown Taft Mixed Use Commercial/Residential To Taft To Bakersfield To Hwy 166, Santa Maria, San Luis Obispo 220-290-03 5.76 Acres 220-290-02 1.01 Acres 220-290-01 0.78 Acres 220-290-06 0.72 Acres 33 HWY GARDNER FIELD RD COMMERCE WY ADKISSON WY ENTERPRISE WY E MAIN ST 119 HW Y ^ _ ? ü A Þ City of Taft e d _ To Bakersfield To Paso Robles To Hwy 166, Santa Maria, San Luis Obispo ? ü ?ü ? ü A Þ e f d FOR INFORMATION, PLEASE CALL Craig Jones, City Manager City of Taft Economic Development Department 661-763-1222 ext.12 • cjones@cityoftaft.org www.cityoftaft.org • Robust Workforce • Manufacturing Sites • Distribution Sites • Historic Downtown • Oil Industry • Agriculture • Taft Community College • Taft Airport • Tourist Destination • Gateway to the Carrizo Plains • Hotel Sites Available • Quick Service Restaurant Sites Available RAILS TO TRAILS Retail, Hotel & Mixed Use Sites Available ALBERTSONS SHOPPING CENTER Retail Inline & Pads Available KMART SHOPPING CENTER Up to 5 Acres Available A Growing Community 5 99 119 33 101 166 TAFT IS OPEN FOR BUSINESS Taft provides direct access to the world's sixth largest economy with close proximity to Interstate 5, Hwy 119 and Hwy 33 ?ü Site 1 Site 2 To Paso Robles e KERN ST N 10TH ST 9TH ST W SAN EMIDIO ST CASCADE PL SAN EMIDIO ST SIERRA ST RAINIER AV ? ü ? ü A Þ ^ _ City of Taft _ d e To Bakersfield To Hwy 166, Santa Maria, San Luis Obispo To Paso Robles See Area 4 With the help of JERDE, owner Laurus Corp. is envisioning a new future for The Promenade at Howard Hughes Center as HHLA. The property will transform into a destination for office tenants and the neighborhood as part of a $30 million renovation. Blatties & Schnur and ASB Real Estate Investments are developing At Mateo, a mixed- use project in Downtown L.A.'s Arts District that will feature 185,000 square feet of retail and restaurants, as well as creative office space.