Shopping center to rise in El Segundo
Work is underway on an $80-million shopping and dining complex in El Segundo that its owners hope will become a meeting place for South Bay families and workers.
The center, to be called the Point, is being built at the northeast corner of Sepulveda Boulevard and Rosecrans Avenue. It is being built by Federal Realty Investment Trust, which also owns the Plaza El Segundo shopping center next door.
The Point is intended to complement Plaza El Segundo, which houses large retailers such as Best Buy, Whole Foods Market and Dick’s Sporting Goods. It also has some smaller stores and restaurants.
No tenants have been announced for the Point, but it is intended to have more than 25 occupants including upscale “chef-driven” restaurants and fashion-oriented stores, Federal Realty representative Collette Navarrette said.
As designed by Architects Orange, the Point will include a large outdoor grass courtyard, a children’s play area, casual seating and fire pits. Restaurants also will offer alfresco dining.
The site is now a vacant lot, but it’s near several office buildings and affluent Manhattan Beach residential neighborhoods.
By Federal Realty’s calculation, the area is “under-stored,” Navarrette said.
“We have a great opportunity to provide an outdoor lifestyle destination that will become a vibrant shopping experience for local resi- dents and workers in the area,” she said.
Few new shopping centers except outlet malls have been built since the economic downturn because much of the country has more than enough retail space, real estate analyst Garrick Brown of Cassidy Turley said.
The limited development occurring is taking place in established urban markets like El Segundo instead of in distant sprawling suburbs where most new homes are being built.
“Development coming back is urban infill,” Brown said, “redevelopment of existing sites that might have been neglected.”
Shopping centers that provide local services including restaurants and entertainment stand the best chance of being built, he said, because “they’re bulletproof from e-commerce competition.”