California Centers

SEP 2018

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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24 California Centers Magazine | September 2018 C C With the observation tower, numerous new food and beverage options and outdoor concerts, Seaport San Diego will remain activated well after sunset. at the Port of Los Angeles. "We heard loud and clear from the community and industry experts that we need to have direct access to the water." Though this area isn't as focused on dining as some of the other wa- terfront developments, the neighbor- hood will still receive something its sorely lacking in terms of community engagement and beautification. Upon completion, Wilmington Waterfront Promenade will join Wilmington Wa- terfront Park, which transformed a brownfield site in 2011 into a 30-acre park that provides a buffer between the community and the port's opera- tions. Zachary Chrisco, a principal at Sasa- ki, the promenade's designer, believes it is this integration of public spaces that will further facilitate the demand for retail and dining options within the area. "The success of the open space [can] mutually reinforce the success of a full-service restaurant or kiosks with- in a park and the identity of the dis- trict as a whole as a desirable place to live, work, study and shop," he says. "The Wilmington Waterfront Prome- nade design holds space for a future restaurant as the western anchor of the site, complementing the existing Banning's Landing Community Cen- ter at the eastern side. Hinting at a cu- linary future use, a temporary picnic grove programs the space in the short term." ALAMEDA'S ISLAND DREAMS One of California's most recent wa- terfront developments to kick off is Alameda Point, a mixed-use develop- ment situated on the Bay Area's for- mer Naval Air Station Alameda that closed in 1997. The $500 million first phase of Alameda Point will contain 673 housing units, eight acres of parks and open space and 93,000 square feet of retail development, among other elements. The project is being led by Trammell Crow Residential and Ala- meda Point Partners (APP), the city's private partner for the project, with Madison Marquette overseeing the re- tail leasing efforts. Michelle Giles, redevelopment proj- ect manager in the City of Alameda's Base Reuse Department, shares Chris- co's sentiments that outdoor public spaces can successfully bring about the demand and lease up of restaurant and retail spaces. "Outdoor, pedestrian-friendly and social spaces are essential amenities for any city or new development proj- ect because they present opportunities for people to meet each other, recreate, connect and feel part of a communi- ty," she says. "With more people out- side walking and biking, it creates a safer environment for people to move around, which attracts more retail and small neighborhood businesses." Though the project is still in the ear- ly stages of development, Giles also believes the island's history, reputa- tion and communities across the bay will lend itself to the eat, drink and be merry crowd. "Alameda Point is a major Bay Area destination for spirits, beer and wine manufacturers and retailers, includ- ing St. George Spirts, Faction Brewery, Hangar 1 Vodka, Rock Wall Winery and Admiral Maltings," she notes. "I expect the food and beverage indus- try to continue to have roots in future phases of development." Though many portside projects are in various stages of leasing and devel- opment, Chrisco believes they're sure to pay off for all involved when the appropriate elements come together. He points to the Chicago Riverwalk, an open, pedestrian-friendly walk- way along the Chicago River that was redeveloped and expanded in 2015, as one example. Chrisco notes the project quadrupled its annual project-gener- ated revenue in its first year, balloon- ing from an average annual revenue of $1.2 million between 2011 and 2014 to $4.6 million in 2015. Gross revenues rose to $9.4 million in 2016, according to Chrisco, who helped design the project with Sasaki and local firm Ross Barney Architects. The riverwalk also generated nearly $950,000 in taxes on previously dormant public space that now feature new businesses all along its banks. "The pressure to attract and retain workforce and improve quality of life alongside the declining industrial use of waterways has made waterfront revitalization an enticing strategy for American cities," Chrisco believes. "To make these projects happen, cities need to find unique and innovative approaches to both funding capital improvements and capturing long- term value associated with waterfront investments." CC

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