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REDDING, CA-The first phase of a planned 900,000-sf retail center here by Levenson Development has won council approval. The project is slated for the intersection of Highway 5 and Oasis Road. Levenson executive vice president Mark Miller tells GlobeSt.com that Oasis Towne Center will feature restaurants, dining and entertainment venues and high-quality apparel not currently available in Redding. Cinemark recently committed to building a 16-screen theater at the development.

"There's a surprising amount of pent-up tenant demand; Redding is the center of retail for 50, 60, 70 miles around," Miller says. "We're looking at perhaps a lifestyle-type product on the southern portion of the site, if not the whole site."

As part of its winning bid for city approval, Levenson is fronting the $30-million cost to enhance the adjacent highway interchange and city roads leading to the development site. Miller says Levenson will recoup its investment over time by collecting a portion of future property and sales tax revenues and fees collected from this project as well as from other developers who want to build in the area.