NEWPORT BEACH, CA-Allied Retail Partners of Newport Beach and Red Mountain Retail Group of Santa Ana have unveiled plans for an $80-million retail project at Pacific Coast Highway and Dover Drive that will be called Bel Mare and will be aimed at high-end customers in this affluent city. The two-story development on Pacific Coast Highway is scheduled to break ground this year and to be completed in the summer of 2008, according to Greg Lyon, a principal at Irvine-based KTGY, the architectural firm that is designing the center.
Among the tenants signed for the 56,000-sf center are Los Angeles-based AG Adriano Goldschmied, Lisa Kline, Lisa Kline Men, Lisa Kline Kids, New York-based Nancy Koltes At Home and Arizona-based Maria Martin. Lyon says that the developers are negotiating leases with a host of other boutiques, fashion designers and signature sit-down restaurants.
The project site is at the northwest corner of the intersection of Pacific Coast Highway and Dover Drive, where the Allied-Red Mountain JV will provide two levels of below-grade parking. The center's design, intended to suggest the villages of Tuscany, Italy, will feature pedestrian walkways, open piazzas, courtyards, outdoor patio seating and an outdoor rooftop garden.
Newport Beach is already home to some high-profile shopping venues, but the developers "are not looking to compete with Fashion Island, South Coast Plaza or the neighborhood shopping centers that currently exist in the market," according to David Goldman, managing partner of Allied Retail Partners. Instead, Goldman says, the Bel Mare center is designed to be a "retail environment for chic, upscale boutiques and restaurants that prefer high-end urban shopping districts where they can display their sense of style and individuality."
Zachary Sussman, Allied Retail Partners' leasing director, says that a key to the new center in a competitive environment like Newport Beach will be creating the right tenant mix. He says the leasing team's aim is to sign tenants that provide a "complementary merchandising mix" and "limiting the amount of overlap."
The general contractor for Bel Mare is Irvine-based Snyder Langston.
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