San Jose-based DJM says that the new Costco will be adjacent to land that is dedicated for the development of the Village at Bella Terra, a previously approved mixed-use residential, retail and entertainment development that will include 468 apartments. After review and approval by the city, the construction of the new Costco should take from 12 to 14 months, which includes site preparation work such as the demolition of the existing Mervyns building.
President Lindsay Parton of DJM Development Partners Inc., an affiliate of DJM Capital Partners, says that Costco, which has nearly 40,000 members in Huntington Beach, selected Bella Terra after an analysis of the Orange County market, shopping patterns of its members and sites that offer the size and access it requires. The new Costco will replace "a large vacantspace that was challenging to re-lease, given the current economic climate and retrenchment in the retail industry," Parton comments. Costco will develop a full-format store at Bella Terra that will include a gas station.
The Costco marks the second difficult-to-lease space, formerly occupied by a now-bankrupt retailer, that DJM has been able to fill. In November, DJN said that it was bringing the first Whole Foods market to Huntington Beach in a former Circuit City space. Whole Foods is now under construction and expected to open this fall.
The Bella Terra retail center features more than 70 shops and restaurants. It is a central component of the larger 70-acre Bella Terra mixed-use, urban lifestyle district assembledby DJM Capital Partners and owned by an affiliate entity. The district includes a neighboring 428,244-square-foot office complex that the company acquired and has repositioned as the Towers at Bella Terra and the planned development of the Village at Bella Terra.
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