EL SEGUNDO, CA—The Point, an $80 million shopping center development in El Segundo from developer Federal Realty, has officially opened to the public. Known as the South Bay's living room, the 115,000-square-foot project brings 12 new retailers to the burgeoning city. El Segundo is looking to attract 100 retailers to the market by its 2017 centennial celebration. This Point has helped bring the city to more than 30% of its goal.

“The Point is a regional destination, attracting visitors to El Segundo from throughout Southern California and beyond. Visually, the Point provides an iconic entryway to the City that makes a statement about the vibrancy and growth of our business community,” Greg Carpenter, city manager of El Segundo, tells GlobeSt.com. “The development team at Federal Realty has transformed a very challenging site that had been vacant and unattractive for a number of years into the new standard for retail development. From a revenue generation perspective, the Point will assist us in continuing to provide the high-quality public services that our community in known for.”

The development opened with 48% occupancy, but will reach 75% occupancy by December 2015 and is expected to be fully occupied by the spring. In addition to the retail component, the Point also has 25,000 square feet of office space. The vision was to create a unique gathering place for the South Bay community. “The vision is to create an easy to use, comfortable and intimate setting where the South Bay community can have fun shopping and dining with each other,” Jan Sweetnam, COO of Federal Realty Trust, tells GlobeSt.com. “We want to create a vibrant experience at The Point that is more than just shopping. It's a place where you can meet up with friends, grab a cup of coffee, exercise, shop and just relax. The Point offers all of that and more, it's a one-of-a-kind destination that offers the South Bay a comfortable, casual environment that feels warm and inviting.”