In a sign of confidence that the economic recovery is truly underway, Shea Properties announced today 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 150,000SF state-of-the-art 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. 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,” said Colm Macken, CEO of the Aliso Viejo, CA-based Shea Properties, managing entity for RiverPark Collection, LLC, project developer.
Macken clarified 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 said,“this is the final push toward the finish line.”
Macken also announced 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. The recently announced 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. Other announcements will be made in the coming weeks as leases are finalized.
“Ventura County residents, especially those living in the RiverPark community, have been waiting patiently for The Collection to open,” said Macken. “We certainly would have liked to open the center earlier, but let’s face it, times have been difficult for all of us. This center, with its Coastal California-themed architecture, pedestrian-friendly, open-air layout, and unique tenant mix will become the regional center of choice for years to come.”
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. This new movie experience features oversized, wall-to-wall, ceiling-to-floor digital screens with enhanced surround sound and a level of comfort not seen in other theaters.
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.
In another sign that Shea Properties is seeing some movement in the retail markets, the company is moving forward on a 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.
For more information, visit ShoppingTheCollection.com/.
About Shea Properties
Shea Properties, headquartered in Aliso Viejo, California, is a diversified real estate company responsible for the acquisition, design, development, construction and management of business parks, shopping centers, apartment communities and mixed-use environments. Since beginning operations in 1969, annual revenues have grown steadily to more than $200 million, while the overall value of the portfolio has grown from $150 million to more than $2.25 billion. Shea Properties currently owns and operates approximately 6,300 apartment units and 6 million square feet of office, industrial and retail space in California, Colorado and Arizona.