With new developments trending toward a mix of uses, industry leaders, including Coreland’s Chris Premac, offer insight on how to make sure retail doesn’t get lost in the mix.
By Nellie Day | August/September 2023 | As published by California Centers
For retail investors, developers and managers, retail will always be the darling. Unfortunately, the same doesn’t necessarily hold true for their mixed-use counterparts, many of whom have to balance multiple components, including office, residential, life sciences and hospitality, in addition to retail.
… The reality is mixed-use is likely here to stay. It diversifies project offerings, brings multiple types of people onto the site for multiple reasons and maximizes the use of land — a big priority in places like California.
One only needs to look at the latest redevelopment activity surrounding some of the state’s malls to see this trend in full swing. Laguna Hills Mall, Brea Mall, Redlands Mall and Westminster Mall are all undergoing a transformation that will either completely raze the existing mall or significantly reduce the retail’s footprint in favor of adding other uses.
Click Here for complete article (starting on page 8) featuring industry leaders, including Coreland Cos.’ Chris Premac who shares:
Ensuring retail radiates in the mixed-use environment is a strategic play — in the right circumstances, Premac asserts. For him, this component shouldn’t be a given simply because a project has more than one use.
“The biggest challenge is determining if retail truly belongs in a specific mixed-use development,” he explains. “Developers are often forced by municipalities to integrate retail regardless of its viability. This can make it an afterthought, giving retail little attention in the design process. When this occurs, critical needs like maximum frontage and shortest path of travel from parking to front door get overlooked and the value diminishes.”
Among the properties highlighted:
At PGIM’s Park & Paseo, which includes 1,226 residential units and 18,000 square feet of retail in Santa Ana, Coreland did just that, incorporating a café, medical day spa, salon and dentist.
“We had the benefit of being a part of early planning discussions,” Premac continues. “As a result, we were able to successfully curate a great tenant mix.”
Click Here for complete California Centers article.