ALHAMBRA, CA—Shea Properties has acquired 10.5acres in downtown Alhambra with plans to build amixed-use complex with 140,000 square feet ofretail and dining space and 260 luxury apartmentunits, aptly named Alhambra Place. The seller ofthe land site as well as the investment costs are undisclosed.

“Alhambra Place was a great acquisition as it lies at the heartof the City of Alhambra, a great urban infill location with strongdemographics just eight miles outside of Downtown Los Angeles,”Greg Anderson, SVP of multifamily development atShea Properties, tells GlobeSt.com. “It was a unique opportunityfor Shea Properties to develop a true mixed-use project with140,000 square feet of retail and 260 apartment units. SheaProperties is one of the few developers with the in-housecapability to do both.”

The retail and dining portion of the property is scheduled tobreak ground this fall and an estimated completion date of summer2015, while construction on the multifamily portion of the propertywill begin in the spring of 2015 with a completion date in the fallof 2016. Tin addition to the retail and dining options, tenantswill have access to ample onsite amenities, including aresort-style swimming pool, fitness center, media rooms andcommunity lounges. According to Anderson, the property will targetyoung professionals to occupy the luxury units.