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189,000-SF Retail Project Gets Under Way

REDWOOD CITY, CA-A partnership of Blake Hunt Ventures, the Innisfree Cos. and Buchanan Urban Investors is developing a two-story retail and entertainment complex here to be known as On Broadway.

By Brian K. Miller | Updated on November 29, 2004

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REDWOOD CITY, CA-With 62% of the project preleased, a development group has secured construction financing and broken ground here for On Broadway, a 189,000-sf, two-story retail, restaurant and theater complex. The development partnership includes Blake Hunt Ventures, the Innisfree Cos. and Buchanan Urban Investors, all California-based companies. Construction financing totaling $31 million is being provided by Pacific Coast Capital Partners LLC. The development site is located on the southwest corner of Jefferson Avenue and Broadway. Occupancy is anticipated in the first quarter of 2006, according to an announcement by the lender.The project will be anchored by a second-floor, 20-screen movie theater that has been preleased to Century Theatres. Two other anchor tenant spaces are planned, an 18,000-sf space preleased to Cost Plus World Market and a 10,000-sf to 15,000-sf space that is still to be leased. The project also includes 41,000 sf of street-level shop space, of which 3,900 sf has been preleased to Marble Creamery and Chipotle Mexican Grill. Blake Hunt Ventures is a private real estate development and services company based in Walnut Creek. The Innisfree Cos. is a private diversified real estate development firm based in Sausalito. Buchanan Urban Investors is a division of Newport Beach-based Buchanan Street Partners formed in October 2001 to promote the investment objectives of CalPERS’ California Urban Real Estate initiative. Pacific Coast Capital Partners LLC is a provider of debt and equity capital for real estate in the western US with offices in San Francisco, Sacramento and Los Angeles.

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