Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
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D owntown Los Angeles kicked of another major mile- stone on July 22 when the $500 million Circa mixed-use project was unveiled on 12th Street between Figueroa and Flower streets before a crowd of more than 150 people. Situ- ated near Staples Center, LA Live and the Los Angeles Conven- tion Center between the South Park and the Sports and Enter- tainment District, Circa will feature 648 luxury rental units and 48,000 square feet of prime retail space. The project will also include a 100-foot-high podium that will serve as a two-acre amenity deck for residents, about 1,770 parking spaces and 15,000 square feet of digital signage, in ad- W hen it comes to retail development in the West Coast, while there may not be a lot of new development, there is a lot of activity. "The biggest trend we see is the lack of new development, which has really adjusted the supply side of available new prod- uct," says Patrick S. Donahue, chairman and CEO of Costa Mesa, California-based Donahue Schriber. "The industry has been de- livering about 150 million square feet nationally a year for the past thirty-something years. It is now delivering about 25 million square feet a year since the recession." Donahue attributes this to the post-recession pullback by ma- jor grocery stores and big box retailers. "The major retailers that drove much of the demand have pulled back," he continues. "Just look at the new store open- ings of the Targets and the major grocery chains. They are at a Circa will feature 648 luxury rental units and 48,000 square feet of prime retail space. DOWNTOWN LA, CIRCA 2017 The new Circa development in downtown Los Angeles will tie together the South Park and Sports and Entertainment districts. By Nellie Day see CIRCA, page 62 see CALIFORNIA, page 56 Now that residential construction has picked back up, mixed-use projects are once again back in favor with developers. Above is Shea Properties' Alhambra Place, which will include 140,000 square feet of retail and 260 luxury apartments. DEVELOPING TRENDS WREB speaks with some of the West's most experienced retail players to get a sense of what's on the horizon. By Nellie Day From a brownfeld to a peachy destination: The Boardwalk in Huntington Beach. page 48 San Diego Market Highlight page 22 page 26 The Success of Retail in Under-Served Markets New ADA Legislation Seeks To Protect Businesses page 34 INSIDE THIS ISSUE www.REBusinessOnline.com September 2015 • Volume 13, Issue 1