The Segerstrom family is partnering with Houston-based developer Hines to build a new urban-retail center in Southern California.
An affiliate of the family’s development firm, C.J. Segerstrom & Sons, has filed plans to redevelop the 17.2-acre South Coast Plaza Village shopping center on Sunflower Avenue in Santa Ana, Calif., the O.C. Business Journal reported
Segerstrom, which owns the property, intends to replace the current 100,000-square-foot mall with a 1.9 million-square-foot, mixed-use project. The new development, dubbed The Village Santa Ana, would include 1,583 homes, up to 300,000 square feet of office space, up to 80,000 square feet of retail space and approximately 3.3 acres of publicly accessible open space.
“The Village will continue to be a good neighbor in the Santa Ana community while addressing the desire in Orange County for a more urban, active and vibrant outdoor-oriented environment,” reads a statement from the development’s website.
The site is across Sunflower Avenue from South Coast Plaza, the country’s largest luxury mall, also owned by Segerstrom.
Construction of the project is expected to take upwards of two decades across five separate development phases. Most of the retail space and 1,050 homes will be constructed during the first three phases, while the office space, 264 homes and the rest of the retail space will be constructed during the fourth phase. The remaining 269 homes will be completed during the final phase.
The Village project site also sits next to another major shopping redevelopment in the works from the Related Companies. The 41-acre area known as Metro Town Square will be redeveloped as Related Bristol and will include 3,750 apartments, 200 units of senior housing, 300,000 square feet of commercial space and 13 acres of open space.
Nick Trombola can be reached at NTrombola@commercialobserver.com.