Irvine Co. to Launch $150M Overhaul of Irvine Spectrum Center Following Macy’s Closing
IRVINE, CALIF. — Irvine Co., a private real estate investor and master planner, has announced a $150 million reinvestment in Irvine Spectrum Center, a high-profile shopping center in Southern California.
Irvine Co. will build 20 new stores within two buildings on the current site of Macy’s, which earlier this week announced the closure of 40 stores nationwide, including the one at Irvine Spectrum Center.
“The Macy’s closing has been contemplated for months and has provided us with a unique opportunity to rebalance Irvine Spectrum Center with additional retail stores to ensure that it continues as one of Southern California’s premier shopping, dining and entertainment lifestyle destinations,” says Easther Liu, chief marketing officer for Irvine Co. Retail Properties. “As a master-planning company and long-term owner, we are always exploring how we evolve Irvine Spectrum Center’s vibrancy and relevancy to marry with our customers’ evolving tastes.”
In addition to the new stores, Irvine Co. will upgrade the shopping center’s landscaping, add outdoor seating and shade areas, improve the parking garage and implement new amenities.
The new retailers joining the shopping center haven’t been announced, but Irvine Spectrum Center’s current tenant mix includes Nordstrom, Target, H&M, Apple Store, Anthropologie, lululemon athletica, Forever 21, Brandy Melville and Hurley | Nike SB, in addition to restaurants such as Javier’s, CUCINA enoteca, P.F. Chang’s, Cheesecake Factory, Del Frisco’s Grille, Tender Greens and BRIO Tuscan Grille.
The center’s recently relocated and expanded Improv Comedy Club is the No. 1 comedy club in the United States, according to Irvine Co. The shopping center is also home to one of the highest-grossing movie theaters in the country, with 6,400 seats and 21 screens, including an IMAX theater with an eight-story screen.
Between 2014 and 2015, the Irvine Co. invested more than $40 million in Irvine Spectrum Center, adding approximately 57,000 square feet of space to bring in new retail stores and restaurants, including Sports Authority, TLT Food, Del Frisco’s Grille, BRIO Tuscan Grille and soon-to-open Kona Grill.
The center also completed a retrofit of its lighted Giant Wheel, parking garage enhancements and improvements to the “ring road” and Spectrum Center Drive.
“This recent progress now sets the stage for our next significant reinvestment,” says Liu. “Our commitment to continually evolve our shoppers’ experience is constantly top of mind. We look forward to bringing the next generation of shopping, dining and entertainment to Irvine Spectrum Center.”
The retail center is located within Irvine Spectrum, a master-planned, mixed-use community that features retail, office and living space. Irvine Spectrum Center’s retail sales in 2015 outpaced 2014, and foot traffic at the center totaled more than 17 million visitors in 2015.
In addition to Irvine Spectrum Center, Irvine Co. Retail Properties owns Fashion Island and The Market Place, two other high-profile shopping centers. Irvine Co.’s portfolio includes 36 neighborhood and community centers in four California markets: San Diego, Orange County, West Los Angeles and Silicon Valley.
— John Nelson