(March 15, 2001) -- Developers Diversified Realty (DDR), the Ohio based developer for LB's "CityPlace" (the former LB Plaza) has announced signed leases with Nordstrom Rack, the off-price retail division of Nordstrom, Inc. (29,945 square feet) and Ross Dress for Less (27,569 square feet).
DDR has already announced agreements with Wal-Mart, Sav-on and Albertson's to open stores at CityPlace.
In a corporate press release, the developer indicated "negotiations continue with tenants of all sizes in a wide range of areas, including specialty apparel, electronics, books, linens, sporting goods, footwear and restaurants."
DDR's release quotes LB Mayor Beverly O'Neill as follows:
"These new leases, particularly Nordstrom Rack, are great news for Long Beach. We met with Nordstrom officials last year to indicate how many residents wanted them in Long Beach. Our persistence paid off and Nordstrom will have a presence in our downtown."
CityPlace involves roughly 450,000 square feet of retail space, 290 residential units (221 rental units, 69 loft condominiums), a 138-room suites hotel and parking for 2,900 vehicles. Opening is scheduled for Spring 2002.
The development site covers eight city blocks formerly occupied by LB Plaza (opened, 1982, closed 1999, demolished 2001) and vacant city-owned land. Fourth and Fifth Streets will be returned to the original city street grid, creating what the developer calls "a pedestrian-oriented shopping district with a lively street scene."
DDR's release indicates CityPlace was designed by Jerde Partnership of Venice, CA., "one of the nation's leading urban architectural firms and the architects for well-known and successful projects including Third Street Promenade in Santa Monica, Universal CityWalk in Universal City, and Horton Plaza in San Diego."
CityPlace is owned by Coventry Long Beach Plaza LLC, a partnership between DDR, Prudential Real Estate Investors (PREI) and Coventry Real Estate Partners. DDR, based in Cleveland, Ohio, is a national real estate firm actively developing, acquiring, managing and investing in income-producing retail shopping centers.
(August 23, 2003) -- Developer DDR has announced that its CityPlace project in downtown LB opened on August 22 with a Nordstrom Rack (3d St.and the Promenade) and Ross Dress For Less (Promenade just north of 3d St.).
A written release from the developer said other anchor tenants and approximate opening dates are:
Wal-Mart (134,000 square feet, early November)
Albertson's (58,000 square feet, mid-November)
Sav-on (15,000 square feet, late October)
DDR also indicated it "has signed leases or a letter of intent from retailers for approximately 90 percent of the project’s leasable space. Tenants with executed leases include: Payless Shoe Source; KB Toys; Ashley Stewart; Anna's Linens; ProfessioNail; Footaction; Luxury Perfumes; Sally Beauty Supply; GNC; Voice Stream Wireless; Fantastic Sam's; Claires; Bank of the West; Dominic’s Nail Salon; Crescent Jewelers; Found Theater; Panda Express; Subway; Togo's/Baskin Robbins; Starbucks and Chopsticks. Opening dates are being finalized."
The release indicates LB Mayor Beverly O'Neill "personally met with Nordstrom officials and expressed the city's long-held desire for a store." The release quotes the Mayor as saying, "CityPlace and Nordstrom Rack are precisely what we need in downtown Long Beach to continue our revitalization. I'm also very pleased to welcome Ross Dress for Less back to downtown LB." (Ross previously operated at the former downtown LB Plaza.)
CityPlace covers eight square blocks on the site of the former LB Plaza, an enclosed mall that closed in 1999. Additional land was acquired from LB's Redevelopment Agency.
CityPlace includes approximately 340 residential units, being developed by PCS Development and Urban Pacific Partners LLC for DDR, which are expected to be completed in Spring 2003.
The developer says its $100 million project creates "a pedestrian-friendly urban village with residential units above street-level retail and a lively street scene." It adds, "CityPlace features an Art Deco style with colors, materials and textures consistent with surrounding areas. It was designed by the Jerde Partnership of Venice, Ca., one of the nation's pre-eminent urban architecture firms. Jerde has designed such well-known and successful urban projects as Horton Plaza in San Diego, Third Street Promenade in Santa Monica, and Universal CityWalk in Universal City."
DDR is also City Hall's chosen developer for the Pike at Rainbow Harbor (formerly called the Queensway Bay entertainment and retail project) on LB's downtown waterfront. As previously reported by LBReport.com, construction on the Pike at Rainbow Harbor began in May.
[Editor's subsequent note July 19: We made some clarifying, non-substantive changes in our opening text at roughly 5:20 p.m. following its initial 1:10 p.m. upload and we add this general clarifier (6:25 p.m.).
Our text doesn't distinguish (and perhaps should) that the Sac'to-dissolved Redevelopment Agency and City Hall's management-dissolved Economic Development Bureau are separate. Tasks once performed by a single City Hall Economic Development Bureau, which city management phased out in 2010 and the Council then asked management to explore reviving in 2012, were farmed out to a number of management positions. Before it was split up, City Hall's Economic Development office likely analyzed data for city officials, and provided technical support through grants and the like for local businesses while the now-former RDA did some of the big dealmaking (of which we have consistently been critical.) Our editorial point is that City Hall's collective economic development efforts ought to be focused on creating a safer and more competitive environment in areas that need economic development that would better attract businesses and the customer bases they seek to reach. We strongly believe this would promote real, and not artificially stimulated, economic development.
