IRVINE, CA—Locally based KZ DevCo LP has completed construction of two CVS/pharmacies in Long Beach and is in the process of building two Long’s Drugs in Hawaii. The total budget for the four projects was in excess of $50 million.
One Long Beach CVS, which opened Feb. 14, is located on Pacific Coast Highway and 2nd St. The 17,043-square-foot store has a total land area of 1.2 acres. The second CVS, located at Pacific Coast Highway and Los Coyotes Diagonal, opened March 9 and contains 14,576 square feet with a total land area of 1.5 acres.
Even though CVS/pharmacy bought Long’s Drugs in 2009, in Hawaii KZ DevCo is building the drugstores under the name Long’s Drugs because of the high brand awareness. One location, in Honolulu at King and Young St., will be 20,114 square feet on a total land area of 1.6 acres and expected to be completed by May with an opening date in June. The second Long’s drug project, located in Kapa’a, Kaui, at Kuhio Highway and Aleka Loop, will be 23,008 square feet on a total land area of 3.6 acres and is expected to open in the fourth quarter of this year.
KZ DevCo is also heavily involved in hotel development in Southern California. As GlobeSt.com reported earlier this month, the firm is working with Wichita, KS-based Value Place, the largest economy extended-stay hotel brand in the US, to find sites to build 12 new hotels in Southern California. The partners are actively targeting markets that include Los Angeles, San Diego, Long Beach, Orange County, Riverside and Ventura.
Some of the new Value Place properties will be corporate owned and operated, while others will be developed by Value Place franchisees. KZ DevCo’s general partner, Mark Zimmerman, says, “Housing and lodging costs are particularly challenging for travelers and new residents here, which is one of the reasons Value Place is a great fit.”