Inland Growth Drives 300,000-SF Center

INDIAN WELLS, CA-Developer Sanderson J. Ray of Irvine plans a new 300,000-sf project called Indian Wells Town Center that will be a combination retail and entertainment venue on a 28-acre site, including a 14-screen movie theater. The new project is the latest response by retail developers to the continuing growth in the Inland Empire, one of the fastest growing regions of the country, according to brokers from CB Richard Ellis who have landed the leasing contract for the property.

Maggie Montez and John Boyd of the Indian Wells office of CB Richard Ellis report that the developer is scheduled to break ground later this year at Washington Street and Miles Avenue for the center, with the opening expected in 2008. In addition to the retail and the theaters, the project will include a condominium/hotel and spa called Remington Las Montanas.

The CBRE brokers call the project "one of the most anticipated new retail developments in the Coachella Valley," which is among the fastest growing retail markets in the country. Montez adds, "This project presents a rare opportunity for retailers and restaurants to locate at the convergence of Indian Wells, Palm Desert, La Quinta and Bermuda Dunes."

According to CBRE's first quarter MarketView report, the Coachella Valley currently has 2.35 million sf of new retail under construction, which equates to almost 20% of the current base of 10.4 million sf. The retail building boom translated into a record year for the Indian Wells office of CBRE in 2005.