"It's time to redevelop," Orange County shopping center owners on new changes
Orange County's shopping centers will undergo a massive transformation. Some owners will build 13,000 buildings in place of vacant space.
The owners of eight Orange County shopping centers are planning a major groundbreaking to increase and create more space for entertainment, lodging and restaurants. They will replace unused space with new homes, hotels and entertainment venues in the region. The cost of this ambitious project, which includes the redevelopment of empty stores and parking lots, is about $8 billion.
At least 13,000 new housing units are expected to be built across eight projects in the next decade. This is reported by the Orange County Business Journal.
"Redevelopment of land is now more important than the buildings that previously sat on it," notes Shopoff Realty Investments CEO Bill Shopoff. "This is a time for intensification and infrastructure development, as well as redevelopment of our shopping centers."
Among the key projects is the $3 billion redevelopment of Metro Town Square in Santa Ana.
The plan calls for 3,750 apartments, a 200-unit senior citizen complex, a 250-room hotel and 350,000 square feet of stores and restaurants.
Another Lowe Enterprises project is planning a $500 million redevelopment of MainPlace Mall, also in Santa Ana. In its place will be 1,900 homes, a 400-room hotel. Another 1.4 million square feet of stores and restaurants. And up to 750,000 square feet of offices.
The Irvine Company in Newport Beach has also taken on the task of redeveloping half of the city's market. Making way for the construction of 1,261 residential units. Those conversions will save 6 million square feet of retail from the original 8 million, the companies said.
Therefore, it is expected that the redevelopment of Orange County's shopping centers will not only lead to residential growth. But will also create new jobs and have a positive impact on infrastructure. Local residents are already expressing optimism about these changes. And see them as a step forward for the development of the region and preservation of its uniqueness.