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5/17/12
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Plans are moving forward on a new 77-acre retail-and-office complex in the city of Downey, on the final portion of the former NASA space shuttle building site. The 1.5 msf development, which was approved in January of 2012 by the Downey City Council, is being developed by IRG PCCP Downey LLC, a venture of Manarino Realty LLC and Industrial Realty Group.
Named Tierra Luna Marketplace, the project will encompass up to two big-box stores, a movie theater, a hotel, restaurants, dozens of other retailers and between 300k sf and 500k sf of office space, much of it for medical use. Construction is estimated to commence later this year or by the first part of 2013. At build-out, Tierra Luna is expected to create more than 3,300 permanent jobs and generate $4.2 mil annually in sales, property and hotel occupancy taxes.
“This location benefits from its adjacency to a major hospital which brings hundreds of people to the area. That’s going to drive demand for our office space and the retail and entertainment portions,” noted Mitchell Hernandez of CBRE. Hernandez and Richard Rizika of CBRE are handling project leasing. The brokers also cited Downey’s strong demographics as key to the project’s success, noting a projected $71, 901 household income expected in 2014 (5-mile radius).
Plans for Tierra Luna Marketplace include:
• Two large anchor stores of approximately 150k sf each
• Several “junior anchor” retail stores
• 14-screen movie theatre
• Up to 500k sf of office space, including medical office
• 225-room hotel
• Several single-pad restaurants
• Central dining area
• 42k sf sports club
The development team is also planning an adaptive reuse of one of the existing buildings, originally designed by architect Gordon Kauffman, into a fire station for the City. The project architect is Trace.
The City of Downey has been rated in the top 25% of "100 Best Cities To Do Business in California" by California Business Magazine. The City is situated 12 miles southeast of the Los Angeles Civic Center, five miles from Orange County, and about 10 miles from the Pacific coastline. It’s conveniently located near several major freeways.
Manarino Realty is a private real estate firm focused on the investment, development and redevelopment of exceptional mixed-use retail and entertainment oriented projects in California and adjacent western states. IRG, a Los Angeles-based company, has over 30 years of adaptive reuse and historic preservation experience that to date totals over 90 msf of facilities, including numerous former corporate and government installations. The firm is well known for its ownership and redevelopment of the former McClellan Air Force Base located in Sacramento into the successful McClellan Park.
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