ALISO VIEJO, CALIF. — ValueRock Realty has completed The Commons, a repurposed 21-acre mixed-use project in Aliso Viejo, with the grand opening scheduled for Dec. 14. The Commons was redeveloped by transforming a nearly 200,000-square-foot vacant Lowe’s into a multi-tenant community center. The project features a 200,000-square-foot retail component with restaurants and retailers, including Tesla, 99 Ranch Matket, Daiso and Philz Coffee, all of which are slated to open by the end of the year. Additional tenants, including Bowlero (a Lucky Strike concept), will open in 2025. The Commons will also include a proposed 343-unit residential project. ValueRock purchased the first parcel in 2015 for $62 million and began conceptualizing the reimagined project in 2017 as big box stores began to close across the country. In 2019, ValueRock negotiated a lease termination with Lowe’s that allowed for the site’s redevelopment. Construction of the project began in 2023 and finalized in late 2024. ValueRock entirely self-funded the approximate $53 million redevelopment, which has a current estimated value of more than $115 million.
