(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
OXNARD, CA-Aliso Viejo, CA-based Shea Properties revealed that it plans to complete construction on its 600,000-square-foot, open-air, specialty center in West Ventura County by the end of this year. The Collection at RiverPark, located alongside Highway 101 between the Vineyard and Oxnard exits, already features a 150,000-square-foot Target store, which opened in July of 2011. Whole Foods Market, REI and Century Theatres round out the anchor lineup.
“All of the economic indicators are trending in the right direction,” explains Colm Macken, CEO of the firm. “Retail sales have been on the rise and the overall economy feels like it’s getting stronger. For these reasons, we decided that it was time to restart construction.” Shea Properties is the managing entity for project developer RiverPark Collection LLC.
Macken clarifies that the goal was to complete construction of the retail center by year’s end, with Century Theatres opening in or around November, followed by Whole Foods, REI and others in the spring of 2013. Visible construction activity will begin to pick up as the REI building, just now going vertical, begins to take shape. The finishing touches like landscape, hardscape, and architectural detail work will also be happening throughout the center. “One thing is for certain,” Macken says, “this is the final push toward the finish line.”
Macken also revealed a string of service retailers facing Oxnard Boulevard who hope to open along with the theaters in the fall—barring construction delays due to buildout complexity or weather. Retailers include Starbucks Coffee, Menchies Frozen Yogurt, Five Guys Burgers and Fries, and Panera Bread. Massage Envy and Color Me Mine are also planning a fall opening.
“Ventura County residents, especially those living in the RiverPark community, have been waiting patiently for the Collection to open,” explains Macken. “We certainly would have liked to open the center earlier, but let’s face it, times have been difficult for all of us.”
Century Theatres will be the first retailer to open at the Collection since Target in July of 2011. The state-of-the-art cinema complex will include 16 screens with two of them using the Century XD technology.
The Collection at RiverPark will also incorporate 60,000 square feet of unique office space above the retail on the main street as well as an extensive public art program and LEED certification, according to a prepared release.
In another sign that Shea Properties is seeing some movement in the retail markets, the company is moving forward on a $80-million mixed-use center in the San Diego’s Barrio Logan market. Anchored by a 35,000-square-foot Northgate Gonzalez Market with an additional 48,000 square feet of street-level retail and 92 affordable apartment homes, Phase I of Mercado del Barrio is set to open in late summer 2012.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
