HUNTINGTON BEACH, CA—A grand-opening celebration was held on Friday, November 6, for Pacific City, a 191,000-square-foot destination lifestyle center here. The event was attended by Mayor Jill Hardy, a number of other city officials, assemblymen and ambassadors and representatives of developer, owner and operator DJM Capital Partners.
The celebration was marked by a ribbon-cutting ceremony featuring DJM's CFO Eric Sahn, founder and CEO John Miller and president Lindsay Parton, as well as Jerry Wheeler, CEO of the Huntington Beach Chamber of Commerce.
Industry sources report that Equinox fitness center, West of Camden, Saavy Naturals, The Wearhouse, Cherry Hills, Chico Hats and the Nook opened as scheduled in time for the event, but at full capacity the $135-million open-air retail center will feature 60 stores and restaurants. Located a block south of the city's iconic pier, Pacific City is part of a 31-acre hotel, retail and residential project.
Linda Berman, chief marketing officer for DJM, tells GlobeSt.com, "One of the greatest risks when you open with such a fantastic response from the community is to think your work is done. We've just gotten started. Aside from sprinkling the remaining 'pixie dust' and finishing all the elements that were not quite ready during our sneak peek, now we need to do the hardest part: Listen. Our customers and guests are giving us unbelievably positive feedback, but they're also giving us ideas. It's exciting. They're now becoming a real part of our creative process. That's when you know you've done something worthwhile—when the community feels they have a stake in things and permission to give you their opinion."
As GlobeSt.com previously reported, funding for the property's development was provided in part by George Smith Partners, which arranged in June 2014 for $93 million in non-recourse construction financing for the project on behalf of DJM and Canyon Capital Realty Advisors LLC, which began in July 2014 funding of a $37-million mezzanine construction loan to DJM to complete the construction and lease-up of the property.
In addition, as GlobeSt.com reported in March 2014, Pacific Hospitality Group and R.D. Olson Development are developing an eight-story, 250-room hotel facing the ocean as part of the Pacific City development here. The hotel, which will be affiliated with PHG's Meritage Collection, is expected to be completed in 2016.
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