Porter Ranch Starts Construction of “Crown Jewel”

LOS ANGELES—Shapell Liberty Investment Properties has broken ground on the final piece of Porter Ranch, an affluent master planned community in Los Angeles. The final development in the community, which has been under construction for decades, is a 345,000-square-foot shopping center mixed-use complex with community gathering places, called the Vineyards at Porter Ranch. The project costs $150 million.

“The community has been under development for decades, and this is really the final piece in that long puzzle,” John Love, VO for Shapell Properties. “It is the crown jewel and central gathering place of the community. This project has been a very long time coming.”

The new projects will fit in seamlessly with the affluent community, which is focused on community areas. “It is a higher-end home community with a YMCA and one of the best schools,” adds Love. “The vision for the project has always been an upscale community that is a nice place to live. This is the central commercial place where the community can gather and provide a community center. It really reflects the quality and the luxury nature of the community. It is the central hub.”

Shapell has already signed a Whole Foods market and a Kaiser Permanente medical office facility, but is waiting to sign smaller tenants once construction is well underway. Kaiser found the asset to be a great fit, especially because it is located near a Kaiser hospital. “Kaiser approached us. They were interested in their corporate culture reflecting wellness, and they wanted to be located near their customers,” says Love. “They like that the project was on a prominent corner and that it is part of a lifestyle center with a focus on the environment and the community. This was a good fit.” The project also includes a 266-unit apartment complex and it is LEED certified with solar panels on the rooftop.

While it seems early to already have major tenants signed up at groundbreaking. Love says there were practical reasons for the early bird tenants. “The reality is that you can't get a loan unless you have preleasing done,” he says. “That is the pragmatism of the situation. You get a core group of tenants at the beginning, and then you fill in the smaller tenants as you go. It was strategic and important to understand who we were planning for.” In addition to the tenants, the property also features a green area for community events and a 4,000-square-foot community meeting room.

LOS ANGELES—Shapell Liberty Investment Properties has broken ground on the final piece of Porter Ranch, an affluent master planned community in Los Angeles. The final development in the community, which has been under construction for decades, is a 345,000-square-foot shopping center mixed-use complex with community gathering places, called the Vineyards at Porter Ranch. The project costs $150 million.

“The community has been under development for decades, and this is really the final piece in that long puzzle,” John Love, VO for Shapell Properties. “It is the crown jewel and central gathering place of the community. This project has been a very long time coming.”

The new projects will fit in seamlessly with the affluent community, which is focused on community areas. “It is a higher-end home community with a YMCA and one of the best schools,” adds Love. “The vision for the project has always been an upscale community that is a nice place to live. This is the central commercial place where the community can gather and provide a community center. It really reflects the quality and the luxury nature of the community. It is the central hub.”

Shapell has already signed a Whole Foods market and a Kaiser Permanente medical office facility, but is waiting to sign smaller tenants once construction is well underway. Kaiser found the asset to be a great fit, especially because it is located near a Kaiser hospital. “Kaiser approached us. They were interested in their corporate culture reflecting wellness, and they wanted to be located near their customers,” says Love. “They like that the project was on a prominent corner and that it is part of a lifestyle center with a focus on the environment and the community. This was a good fit.” The project also includes a 266-unit apartment complex and it is LEED certified with solar panels on the rooftop.

While it seems early to already have major tenants signed up at groundbreaking. Love says there were practical reasons for the early bird tenants. “The reality is that you can't get a loan unless you have preleasing done,” he says. “That is the pragmatism of the situation. You get a core group of tenants at the beginning, and then you fill in the smaller tenants as you go. It was strategic and important to understand who we were planning for.” In addition to the tenants, the property also features a green area for community events and a 4,000-square-foot community meeting room.