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5/23/16
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Tallen Capital Partners LLC and Citivest Commercial LLC, along with their equity partner, have received the third of three approvals needed to begin a dramatic redevelopment of Rossmoor Shopping Center, a retail center in the East Bay city of Walnut Creek. This latest approval came from the city’s Design Review Commission (DRC). Previously the Center received unanimous support from the Walnut Creek City Council and the Walnut Creek City Planning Commission.
There’s expected to still be further refinements to access and circulation and landscaping, however, the ownership’s redevelopment plans and re-zoning are now formally approved and entitled, so that the project can move forward. The project will also include a public art component.
Expected to take approximately 15 months, this phased redevelopment includes a refreshed facade, drive-through pharmacy, fashion-forward boutique shops and charming restaurants. The revived center will be dotted with plazas for friends and family gatherings, hundreds of new trees, lush plantings, beautiful lighting, highly accessible parking and more. Ground breaking is scheduled to begin in the fourth quarter of 2016 with completion expected in the fourth quarter of 2017 or the first quarter of 2018. The architectural design team is led by veteran Bay Area architect Norman Sears of SGPA’s San Francisco office.
Recent lease signings include:
• New long-term lease with Safeway, an existing tenant
• New long-term lease with CVS Pharmacy, an existing tenant who will move to a new pad location that includes a drive thru for consumers’ convenience
• A new long term lease with local Rossmoor retirement community stakeholders and realtors Better Homes & Gardens, an existing tenant who will move to a new, completely renovated location
• A long-term lease with Starbucks, a new 2k sf prototypical store with a drive thru
The redevelopment will include the addition of 270 new trees, 60 bicycle racks and approximately 29k sf of new anchor tenants and shops. As part of the changes, the owner will reconfigure the shopping center and are adding lifestyle and health related components via a well-planned interconnectivity between the plazas, landscaping and retail and restaurants.
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