Centennial Real Estate approved for sprawling $300M mixed-use village

The expansion will include 1,900 residential units and750K sf of office space

Jun.June 10, 2019 08:00 AM
Centennial founder and CEO Steven Levin with a rendering of the project
Centennial founder and CEO Steven Levin with a rendering of the project

Amid the retail industry’s reshuffling, another massive mall redevelopment project is set to take shape, this one in Santa Ana.

Centennial Real Estate has received approved for its massive project, which includes 1,900 apartments and 750,000 square feet of office space at the MainPlace Mall, according to the Orange County Register. The investment firm’s $300-million multiphase project got the local council’s green light to transform the three-story regional shopping center, at 2800 N. Main Street.

Centennial acquired the 43-acre property in 2015, and construction is expected to begin in 2020.

It comes eight months after Taubman Centers Inc. completed its $500-million redesign of The Beverly Center in Los Angeles.

And last month, Centennial began a $200-million transformation of a Chicago-area mall set to bring hundreds of luxury apartments, along with restaurants and a grocery store.

For the MainPlace Mall, Centennial will build a 175-key hotel, a 40,000-square-foot food emporium, a 90,000-square-foot family entertainment anchor, a multi-screen movie house, and large green space.

Repurposing failing or underperforming malls has become increasingly common amid the e-commerce onslaught that has devastated traditional retail centers.

The South Bay Galleria in Redondo Beach will be transformed by Forest City with hundreds of residential units and new retail components. The Westfield Topanga mall is also set for a $70-million upgrade. [OC Register]Gregory Cornfield

Related Articles

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park