IRVINE, CA—Mixed-use development has become more accepted even in suburban environments, featuring product types that include hotel, office, apartments, retail and more, Irvine Co.'s president of retail properties Dave Moore tells GlobeSt.com. The company recently announced a major $150-million reinvestment in Irvine Spectrum Center—celebrating its 20th anniversary—that will feature more than 20 new stores, new landscaping, outdoor seating and shade areas, state-of-the-art amenities and circulation and parking-garage improvements. The reinvestment will also entail more than 20 carefully curated stores located within two new buildings on the current site of Macy's, which announced recently the closure of 40 stores nationwide, including the one at Irvine Spectrum Center.
We spoke exclusively with Moore about his firm's approach to repositioning and reinventing vacant retail sites, the strategies that work and don't work and trends in repositioning big-box space.
GlobeSt.com: What is your firm's approach to repositioning and reinventing obsolete or vacant retail sites?
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
