Hopkins Plans 157-Acre Project

Steve Hopkins, president of HREG, says the company does not yet have specific plans for the site, but the development would be a mixed-use project that could include retail, entertainment and industrial space as part of a master plan to be established by the City of Carson. Hopkins tells GlobeSt.com that HREG has entered a one-year escrow to buy the land and will start work immediately on an environmental impact report as well as in finding out what the site needs in terms of remediation. "Remediation is a huge issue with the site, and could be $30 million to $50 million, but with today's technology, sites like this can be cleaned up," Hopkins says. HREG is negotiating with a financial partner and an environmental clean-up company to become part of what will be a newly formed partnership to develop the land.

Hopkins says the company has been looking at the 157-acre site for several years. The land was previously known as the Metro Mall Site and includes 125 feet of frontage on the 405 Freeway, just east of the 110 Freeway. Cushman & Wakefield was listing agent for the property, with Ron Azad of CB Richard Ellis Investors acting as the investment manager for the seller. Azad says a number of prospective buyers were interested in the site, but CBREI chose Hopkins because of its development expertise and its current work in the City of Carson. Hopkins' work in Carson includes its redevelopment of the South Bay Pavilion, previously known as the Carson Mall, in a partnership with Genesis L.A./Shamrock Holdings of California Inc.

Additional current HREG redevelopment projects include the New Whittwood Town Center in Whittier, with Lennar Partners, and recently acquired Redlands Mall in Redlands, with General Growth Properties. HREG is also developing neighborhood centers in Valencia and recently closed on a site in the Talega area of San Clemente. The Talega project is the first to be developed by Hopkins in its new partnership with Rockwood Capital.