(Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)
LOS ANGELES-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that more than 60 dining and luxury retail shops will be launched at the New Tom Bradley International Terminal at Los Angeles International Airport. The Westfield program, the culmination of the collective visions of Mayor Antonio Villaraigosa, Los Angeles World Airports and Westfield, will introduce 42 concepts to LAX for the first time—including 28 new concepts never before seen in an airport environment—and is expected to generate projected annual sales of $98 million.
Westfield and its tenant partners are investing $80 million to develop the new dining and retail program at TBIT. The dining lineup includes Top Chef winner Michael Voltaggio’s sandwich shop ink.sack, Top Chef masters Susan Feniger and Mary Sue Milliken’s Border Grill, Umami Burger, LAMill Coffee, Larder at Tavern, 800 Degrees Pizzeria, III Forks steakhouse, sushi restaurants Chaya and Lucky Fish by Sushi Roku and more. Retailers include such high-end shops as Bvlgari, Michael Kors, Emporio Armani, Fred Segal and Coach.
Also planned is a 25,000-square-foot, free-standing duty-free shopping lineup by DFS, which is investing $32 million in TBIT and is projecting first full-year sales for the duty-free concession of more than $300 million.
The first phase of the terminal, which includes a Great Hall and boarding gates on the west side of the terminal, is scheduled for completion Spring 2013. The second phase—which includes new gates on the east side of the terminal, a new federal security screening area and upgraded customs arrivals area—is slated for completion by 2014.
The New TBIT is the largest public-works project in the city’s history and one part of LAneXt, the $4.1-billion LAX modernization program composed of nearly 25 individual projects. The LAX project is creating 40,000 jobs and is funded without the use of taxpayer dollars. TBIT alone will support nearly 4,000 construction-related jobs and help support 1,700 permanent concession jobs.
“As Los Angeles is home to our US headquarters, Westfield takes great pride in being selected to help realize the Mayor’s vision,” said Peter S. Lowy, co-chief executive of the Westfield Group, in a prepared statement. “We are deploying global resources and development expertise to deliver an iconic, world-class airport experience at LAX.”
As GlobeSt.com reported last week, San Diego government officials and Westfield executives broke ground recently on an urban-plaza project adjacent to Horton Plaza Park in Downtown San Diego. The $14.7-million project involves the demolition of an existing structure that will make way for a 1-acre park, officials tell GlobeSt.com. The project is the result of a unique public-private partnership between the City of San Diego, Civic San Diego and Westfield and is intended to create a new central gathering space and restore the existing park and fountain, which have fallen into disrepair.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
