Long Beach Center makes Vestar the no.1 developer.Vestar Development Co. specializes in building major retail projects, and it has two whoppers
Whoppers are chocolate-coated malted milk balls produced by The Hershey Company. going up in the L.A. area right now. Those were sufficient to qualify the Phoenix-based company as L.A. County's most active retail developer of 1998. Its biggest project by far is the 1 million-square-foot Long Beach Towne Center, the largest retail project to break ground last year. Long Beach Towne Center, which is scheduled for completion in May, sprawls across 102 acres. The open-air mall is being developed on the former site of a naval hospital at the intersection of the San Gabriel River San Gabriel River is the name of watercourses in two states:
Vestar Project Director Jeff Axtell said that the site's size and freeway proximity make it an ideal location to "create a presence in an area that has only limited retail facilities within a three- to four-mile radius." The center will contain about 70 stores, numerous restaurants and a 26-screen movie multiplex to be operated by Edwards Cinemas, Vestar estimates the value of the project at $110 million. Tenants began moving into the mall last November and almost 50 percent of the stores are already open for business, Axtell said 99 percent of the stores have been leased. On 20 acres of the center, L.A. County's first AutoNation used-car dealership has been opened. Among the other tenants are: Sam's Club Sam's Club is a membership-only warehouse club owned and operated by Wal-Mart Stores, Inc. History The first Sam's Club opened in April 1983 in Midwest City, Oklahoma in the United States.[1] Sam's Club is named after Sam Walton. , Ross Dress For Less, Barnes & Noble, Old Navy, Payless Shoes. PetSmart, Linens 'N Things Linens 'n Things, Inc., headquartered in Clifton, New Jersey, is the second-largest large-format retailers of home textiles, housewares and decorative home accessories in the United States, behind Bed Bath & Beyond. , Starbucks Coffee, Ben & Jerry's Ice Cream, a microbrewery mi·cro·brew·er·y n. pl. mi·cro·brew·er·ies A small brewery, generally producing fewer than 10,000 barrels of beer and ale a year and frequently selling its products on the premises. Also called boutique brewery, brewpub. and a sports bar. Vestar's other local project is the 264,000-square-foot Glendale Fashion Center, which is slated for completion in the spring of 2000. Glendale Fashion Center is going up on the southwest corner of California and Glendale boulevards. It will contain a Ralph's grocery store, Long's Drugs, Staples, Barnes & Noble, Ross, Petco, Michael's and Sports Authority Sports Authority is the USA's largest full line sporting goods retailer. The company is headquartered in Englewood, Colorado. It operates over 400 stores in 45 U.S. states under the Sports Authority name. Total sales for the fiscal year ending January 29 2005 were $2.44 billion. . While the Long Beach Towne Center is by far Vestar's largest L.A.-area project, it has developed three other large-scale shopping centers locally: the 541,000-square-foot Cerritos Towne Center The Cerritos Towne Center is a power centre located in the center of Cerritos, California that combines retailing, office, and entertainment in one master project. The Cerritos Center for the Performing Arts is located within the southwestern part of the project. . 265,000-square-foot Paramount Towne Center, and 100,000-square-foot Redondo Beach Redondo Beach (rĭdŏn`dō), city (1990 pop. 60,167), Los Angeles co., S Calif., on the Pacific Ocean; inc. 1892. Once a commercial port for Los Angeles, it is a residential and resort city with a protected harbor and an excellent marina. Plaza. Its largest and bestknown development is Scottsdale Pavilions, a 1.2 million-square-foot power center in Scottsdale, Ariz. The company also develops hotels, and is now building Ritz Carlton luxury resorts in Half Moon Bay, Calif.; Tucson, Ariz.: San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. ; and Vail, Colo. Vestar traces its origins to 1977, when Lee Hanley, its current president, founded Estes Development Co., an Arizona-based shopping center construction company and a division of Estes Homes, which developed houses, apartments and hotels. Five of Estes' partners bought out the company in 1989, with financing from Ameritech Pension Trust. As a result of the buyout, Estes became Vestar Development and Ameritech became one of Vestar's principal capital partners. MOST ACTIVE RETAIL DEVELOPER Winner VESTAR DEVELOPMENT CO. Phoenix Runners Up MAJESTIC REALTY CO. City of Industry TRIZECHAHN DEVELOPMENT CORP. Toronto |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion