Western Real Estate Business

OCT 2018

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/1037966

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Page 1 of 56

T he downward spiral of brick- and-mortar retail and the grow- ing number of dead malls offer real estate developers a unique op- portunity to reinvent the vast shop- ping center wastelands. These empty and closed properties have key ad- vantages, including strategic loca- tions, existing infrastructure, trans- portation stops and large parking lots, which make them seem like wor- thy investments. However, attempt- ing to reinvent dead malls can often be a real estate developers' biggest trap. You must know your audience. The most common plan for West- ern commercial real estate developers has been transforming these proper- ties into mixed-use centers and/or integrating themed entertainment elements. This method of breath- ing new life into dead malls through multifaceted entertainment enhances property marketability, increases foot traffic and drives additional revenue streams. For example, the Sherman Oaks Galleria in Los Angeles — fea- tured in films like "Back to the Future Part II" and "Terminator II" — was T he Port of San Diego has a new role. Now that the 40-year ground lease with TRC (former- ly Terramar) for Seaport Village has ended, the self-supporting public- benefit corporation has stepped into the shoes of "owner." The port and its officials are tasked with looking after the 14-acre shopping, dining and en- tertainment complex on behalf of the public. Though the port only regained control of the site on Oct. 1, officials are very clear on their vision for Sea- port Village during the four- to six- year interim period before the project is ultimately redeveloped. "We want locals, visitors and ten- ants to understand that Seaport Vil- lage is and will be open as a vibrant and prosperous destination for sever- al more years," says Penny Maus, de- partment manager of real estate and business development for the Port of REINVENTING THE DEAD MALL Integrating entertainment and adding mixed uses are two ways to reinvigorate a flailing mall. By Bill Coan see MALLS, page 54 see SAN DIEGO, page 53 Seaport San Diego developer 1HWY1 anticipates this new project will be a mixed-use program that may contain such programmatic components as hotels, restaurants, retail and attractions. THE PORT OF SAN DIEGO PULLS IN NEW OPPORTUNITIES The Port of San Diego has taken back ownership of Seaport Village, providing new opportunities on the San Diego bayfront. By Nellie Day Economic Development Spotlight: Socal, the Southwest are Primed for More Development page 34 Colorado Market Highlight page 24 page 47 Three Trends Impacting Industrial Real Estate Brick-and-Mortar Retail Can Survive…and Here's How page 46 INSIDE THIS ISSUE www.REBusinessOnline.com October 2018 • Volume 16, Issue 2 Giving the development a "reason to exist" — whether it be historical, futuristic, fantastical or cultural — and applying this principle throughout a redevelopment's entire design process can simulate an immersive theme-park-esque world.

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