The retail center site is on the southeast corner of Highway 1 and Imjin Parkway. Aliso Viejo-based Shea is developing it via an entity called Marina Community Partners that is a partnership of Shea Properties, Shea Homes and Centex Homes, along with the City of Marina Redevelopment Agency.
In addition to the retailers that are already open, Shea has lined up Bed Bath & Beyond for a 32,000-sf store and Michaels for a 23,000-sf location that will open at the Dunes in early 2008. That will leave 19,000 sf, which is currently under negotiations, according to Bob Burke, general manager of Shea Properties' Northern California group.
The developers broke ground for the regional retail center in January, with Cornish & Carey Commercial in San Jose acting as the leasing agent for the space. In addition to the regional center, the Dunes on Monterey Bay will include Tenth Street, a 24-acre mixed-use district at the heart of the master-planned community.
Tenth Street, for which groundbreaking is anticipated in mid-2008, will feature a mix of restaurants, entertainment and shopping as well as more than 30 residences. A boardwalk will link both shopping districts to the Fort Ord State Beach Park and the greater community.
Marina Community Partners is also the master developer for the overall Dunes on Monterey Bay, which will be the largest mixed-use development on the Monterey Peninsula. Situated along Highway 1 between California State University-Monterey Bay and the city of Marina, it is expected to include more than 1,230 residences, two hotels totaling 500 rooms, in excess of 600,000 sf of retail and a 700,000-sf business park.
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