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 39 of 56

www.REBusinessOnline.com Western Real Estate Business • October 2018 • 39 and last-mile facilities to support an increased online presence." The ecommerce trend has also fu- eled cargo growth at Ontario Interna- tional Airport. UPS, DHL and Prime Air have all increased their operations at the airport, while FedEx recently announced a $100 million facility ex- pansion on-site. "These companies are taking ad- vantage of our superior location and logistical advantages," Andrews notes. "This also allows them to meet the distribution needs of servicing the 22 million people who live in South- ern California." Growth near the airport area isn't limited to industrial, however. While this region is receiving 3.2 million square feet of industrial space, thanks to the new Meredith International Centre, this 200-acre project will also include an 800-unit luxury multifam- ily housing component by G.H. Palm- er, a few luxury auto dealerships, and future commercial and retail devel- opments. The industrial component is fully leased, construction is under- way on the housing component, and the commercial and retail aspects will commence construction in 2019. Being Hospitable Southern California is known for its beautiful weather and various tourist attractions, particularly as so many redevelopment and entertainment- based projects continue to come to fruition. Burbank is one city hoping to take advantage of this. Downtown Burbank, a 33-block commercial dis- trict, offers more than 100 restaurants and 30 movie screens, while Burbank Town Center recently embarked on a $60 million renovation that includes new experiential retailers like Round One Bowling and salon-type users. In fact, the city has eight major projects on the horizon. This includes nearly 120,000 square feet of retail space, about 2,300 residential units, six ho- tels, and a new conference and event center with 78,000 square feet in meet- ing and convention space. "Burbank is managing an important shift toward tourism development and hospitality," says Patrick Prescott, the city's community development director. "Tourists stay in our hotels, dine and shop in local establishments and utilize rental car facilities - all of which generates additional local tax revenue for the city." Tourism in Burbank represented 3.4 million visitors in 2017, spending $829 million and generating $36.7 million in local tax revenue, Prescott cites. The six new hotel projects will bring more than 1,000 new rooms to the city just as the 14-gate terminal replacement proj- ect at the Hollywood Burbank Airport finishes up in the next few years. "With all growth factors pointing in the same direction, Burbank will soon be seen as one of the region's top choices for regional, national and even international travel," he notes. The southeast Los Angeles submar- ket of Bellflower is experiencing simi- lar activity as it targets entertainment options and more hotel rooms to ac- commodate travelers enjoying said options. "Bellflower is seeing newfound in- terest from the hospitality sector," says Jim Dellalonga, the city's direc- tor of economic development. "In the past, Bellflower was an overlooked community with low activity, busi- ness vacancies and retail closures. However, the city is now experiencing a growth of new construction, retail and hospitality activity, increased pe- destrian traffic and an overall signifi- cant interest in the city." New attractions include SteelCraft, an outdoor food court housing seven unique vendors in repurposed ship- ping containers that is set to open in late 2018 or early 2019. Howard CDM, SteelCraft's developer, also purchased a former JC Penney build- ing that is being converted into the company's new headquarters with shared office space and a food use on the ground floor that will be flanked by a brewery and distillery. The Stand Up Comedy Theater on Recent Development Highlights Include: n Big Lots Distribution Center is building a 1.3 million-square-foot facility in the north Apple Valley industrial area. The project will help to balance the economy, adding jobs and higher wages to the local economy, which in turn boosts the local retail and housing market. n In the last year, Yucca Loma Bridge opened, paving the way for future development opportunities at Apple Valley and Yucca Loma Road. The bridge opens access to Spring Valley Lake and provides an additional east/west regional corridor. n St. Mary's Medical Center opened a 12,500-square-foot Urgent Care earlier this year; a developer has submitted a development application to reposition the southwest corner for a drive-thru and quick service restaurant. n Other recent openings include Wing Stop, Dickey's BBQ Pit, Yogurtland, and Galley Fish Tacos. n 282 new housing permits were issued in FY16-17, more than the last two years combined. n Apple Valley awarded a $4.46 million state grant that will help widen and realign the intersection at Highway 18 and Apple Valley Road n The Apple Valley Choice Energy Program, launched in 2017, offers Apple Valley businesses and residents 3% lower generation rates than Edison with higher/greener renewable content. n Data indicates and our residents express their is strong consumer demand for more dining choices, both full and quick service, as well as apparel, shoes, sporting goods, furnishings and specialty retailers and department stores. SelectAppleValley.com e Town of Apple Valley is located in the heart of the Victor Valley in the County of San Bernardino. Apple Valley is strategically located 95 miles northeast of the Los Angeles metropolitan area, 140 miles north of San Diego, and 185 miles south of Las Vegas. Burbank Town Center in Burbank is undergoing a $60 million renovation that includes new experiential retailers like Round One Bowling and salon-type users.

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