Barnes & Noble Booksellers, Michaels Arts & Crafts, Chili's Grill & Bar and Macaroni Grill have signed leases with Center Trust Inc. of Manhattan Beach, whose officials said last month at a city Planning Commission meeting they would bring top-tier tenants to the site. But they said then that they wouldn't sign leases until the commission decided whether to approve their plan to demolish the old center and rebuild it 1 1/2 times the size of the original. Commissioners unanimously approved the plan July 22.
The center, on the southwest corner of Vista Way and El Camino Real, is one of the city's oldest, built in 1980. One of the buildings demolished was a multiplex Mann Theatre.
The complex is anchored by Stein-Mart, Mervyn's, Petco and Toys R Us and contains banks, restaurants and fast-food establishments. All four new businesses plan to open next summer, according to the REIT, which says facades and traffic flow would be improved and landscaping would be added.
The leases were signed in connection with the company's planned $16 million redevelopment of the property, which is located at the northwest corner of Highway 78 and El Camino Real.
Plans for the project include the addition of approximately 100,000 sf of new retail space to the center, which will comprise approximately 490,000 sf upon completion. The project will include an upgrade to the facade of the existing storefronts, significantly improved traffic flow within the parking lot and extensive landscaping.
"These national tenants complement the existing tenants very well," says Stuart Gulland, president and chief operating officer.
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