LOS ANGELES-Equity REIT Federal Realty has started construction on the Point, an $80 million shopping, dining and entertainment center development in the South Bay. The 15,000-square-foot, open-air center will house 125 retail and restaurant tenants, and is estimated to open in 2015.
"We are excited that construction has begun on this dynamic new retail and social destination in the South Bay and look forward to creating a vibrant shopping experience for local residents and employees," says Jeff Berkes, West Coast president of Federal Realty Investment Trust.
The center is located between Manhattan Beach and El Segundo and adjacent to the Plaza El Segundo shopping center. Owners have already begun leasing space to regional and national retail shops and high-end, chef-centric restaurants.
New development in the retail center sector has been picking up. Last month, GlobeSt.com reported ground breaking on the Juanita Tate Marketplace, a 77,096-square-foot shopping center in South Los Angeles. The $21-million project has already signed Northgate Gonzalez Market, CVS, Starbucks and Panda Express. In addition to anchor tenants, the center can accommodate 12 other retail shops.
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Kelsi Maree Borland
