Granada Village Shopping Center
Major renovation of the existing Granada Village Shopping Center located in Granada Hills, CA. Construction will commence in March 2011, with a new Sprouts Farmers Market opening Fall 2011. The center is approximately 224,648 square feet, and will include several other new anchor tenants, such as Rite Aid, Petco, and HomeGoods. On behalf of Regency Centers Corporation, Urban One is currently providing development and construction management for the redevelopment of the shopping center.
|Client||Regency Centers Corporation|
|Location||Granada Village, California|
|Project Facts||Redevelopment/renovation of an existing 224,648 square foot shopping center|
|Architect||Nadel Architects, Inc.|
|Civil Engineer||DRC Engineering|
|Landscape Architect||LRM, Ltd.|
|General Contractors||CAMCO Pacific Construction, AGI General Contracting, Magnum Enterprises, Inc., S.D. Deacon, CIMA CM&D|
|Structural Engineer||ANF & Associates|
|Mechanical Engineer||Integrated Mechanical Systems, Inc.|
|Electrical Engineer||Palmieri & Associates, Inc.|
|Plumbing Engineer||Jaycocal Engineering, Inc.|
|Geotechnical Engineer||Krazan & Associates, Inc.|
|Roofing Consultant||Independent Roofing Consultants (IRC)|
|Signage Consultant||Sign Methods|
Regency Centers is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. As of June 30, 2010, the Company owned 398 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 53 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 201 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.
Granada Village is a 224,648 square foot shopping center located in Granada Hills, California. Located 21 miles northwest of Downtown Los Angeles, the Center lies in the greater San Fernando Valley which is home to 1.75 million residents and is continuing to become increasingly dense and diversified by way of multi-family developments and immigration. Granada Village is an established promotional/neighborhood shopping center in the north San Fernando Valley and draws not only from Granada Hills, but the neighboring communities of Northridge, Porter Ranch, North Hills and Chatsworth as well. The Center is supported by a strong and stable population base of over 146,000 residents within a 3-mile radius. The majority of these residents (66%) own their homes and consist of well-educated (approximately 42% of the population holds a Bachelor degree or higher) and high- income families with an average annual household income exceeding $108,000. Granada Village is located at the northwest corner of Chatsworth Street and Zelzah Avenue which is considered to be one of the area’s primary retail intersections in that it supports over 500,000 square feet of retail tenants and a traffic count consistently exceeding 38,000 cars per day. Along with the centers surrounding the Northridge Mall at Nordhoff and Tampa (the regional retail hub of the north San Fernando Valley), and Porter Ranch Town Center (the power center at Corbin and Rinaldi), the retail at Chatsworth Street and Zelzah Avenue is recognized as one of the primary destinations for new retailers seeking space in the trade area. The variety of retail offerings (i.e., grocery, drug, soft goods, food offerings, etc.) allows Granada Village to serve not only as a dynamic community destination, but also as a common meeting place and shopping venue for the 35,000 students attending California State University Northridge (approximately 1 mile south of Granada Village) and the 1,500 students at Granada Hills High School (1 block south of Granada Village). While located in the heart of the community, Granada Village is also conveniently located one mile south of the north San Fernando Valley’s primary east/west thoroughfare, the 118 Freeway. The property’s layout is designed to support and benefit from its high traffic volumes as a result of its ten major access points and two signalized intersections. Granada Village maintains a strong mix of successful anchor tenants including a high-volume TJ Maxx which is ranked within the top 10% of its California stores, Rite Aid, and Stein Mart which is the only location that serves the greater San Fernando Valley. Also, Regency Centers has executed with Sprouts Farmers Market and HomeGoods and is close to executing leases with numerous other national anchors. Regency Centers is also in negotiations with other big-name tenants to fill the current shop space and pad vacancies. With the announcement of this new tenant base, a renovation and rehabilitation of the Granada Village shopping center has been entitled and designed. This remodel entails a dramatically updated exterior façade and architectural components, a new pedestrian plaza, updated signage, and a reconfigured parking lot. All of the existing retailers will remain open during the Center’s upgrades, which are scheduled to begin early March 2011 and finish in 2012. As of May 2012, in addition to the previously signed anchor tenants, several new shop and pad tenants have had leases executed to call Granada Village their home. Some of these tenants include Freebirds World Burrito, Zankou Chicken, Wells Fargo Home, Gatten Sushi, Sprint, Presto Pasta, Carter’s, 4G Wireless (Verizon), Salon Integriti, and Fantastic Sam’s. Check out progress photos of the Granada Village Shopping Center Redevelopment on Urban One’s Flickr page.