ALHAMBRA, CA—Shea Properties has acquired 10.5 acres in downtown Alhambra with plans to build a mixed-use complex with 140,000 square feet of retail and dining space and 260 luxury apartment units, aptly named Alhambra Place. The seller of the land site as well as the investment costs are undisclosed.
“Alhambra Place was a great acquisition as it lies at the heart of the City of Alhambra, a great urban infill location with strong demographics just eight miles outside of Downtown Los Angeles,” Greg Anderson, SVP of multifamily development at Shea Properties, tells GlobeSt.com. “It was a unique opportunity for Shea Properties to develop a true mixed-use project with 140,000 square feet of retail and 260 apartment units. Shea Properties is one of the few developers with the in-house capability to do both.”
The retail and dining portion of the property is scheduled to break ground this fall and an estimated completion date of summer 2015, while construction on the multifamily portion of the property will begin in the spring of 2015 with a completion date in the fall of 2016. Tin addition to the retail and dining options, tenants will have access to ample onsite amenities, including a resort-style swimming pool, fitness center, media rooms and community lounges. According to Anderson, the property will target young professionals to occupy the luxury units.
“Apartments and retail are a perfect match because they sort of energize each other, bringing a 24/7 feel to the property,” says Anderson. The retail gives the renters a place to shop and a place to eat and have fun, while the apartments bring an instantaneous pool of purchasing power to the retail.”
Shea Properties is an Orange County-based developer, and recently made headlines with the announcement of a new industrial development division. The developer launched the division to supply a pent-up demand for mid-sized industrial product throughout Southern California. The development projects began earlier this year, and will add a total of 270,000 square feet to Shea’s portfolio, once complete.