(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.