Shopping Centers Today

OCT 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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46 S C T / O C T O B E R 2 0 1 8 S I T E S & C I T I E S W H E R E R E TA I L D E V E LO P M E N T I S H OT I n 2013 HP Investors made a bet on downtown Oakland, Calif., open- ing an outpost there amid the high- ULVHRI¿FHWRZHUVDQGWKHSDUNLQJORWV In doing so, the real estate investment ¿UPZDVQRWH[DFWO\IROORZLQJWKH KHUG³:KDW,VDZZDVDFLW\WKDW PDQ\KDGSDVVHGRYHU\HWLWUHWDLQHG DOOWKRVHQDWXUDOHOHPHQWV\RXORRN IRUZKHQ\RXWKLQNDERXWWKHW\SHV of environments that are poised for JURZWK´VDLG,VDDF$ELGDSDUWQHUDW +3,QYHVWRUVZKLFKRSHQHGLWV¿UVW RI¿FHLQ6DQ'LHJREHIRUHEUDQFKLQJ out to Oakland. 7KHILUP¶VLQVWLQFWVDERXW2DNODQG have proved right. Over the past VHYHUDO\HDUVWKH%D\$UHD¶VH[SOR- VLYHJURZWKDQGDSUHIHUHQFHDPRQJ PDQ\\RXQJDGXOWVIRUXUEDQOLYLQJ KDYHDOWHUHG2DNODQG¶VHFRQRPLFDQG GHPRJUDSKLFODQGVFDSHGUDPDWLFDOO\ ³$VGRZQWRZQ6DQ)UDQFLVFRKDV HPHUJHGGXULQJWKLVF\FOHDVDPDJ- QHWIRUWKHWHFKLQGXVWU\2DNODQGKDV EHQHILWHGEHFDXVHLW¶VULJKWDFURVV WKH%D\DQGYHU\DFFHVVLEOH´VDLG $ELGZKRVHILUPQRZRZQVRIILFH DQGPL[HGXVHSURSHUWLHVLQGRZQ- town Oakland. ,QUHFHQW\HDUV2DNODQG¶VODERU IRUFHKDVJURZQLWVXQHPSOR\PHQW rate has fallen, and the number of high VFKRRODQGFROOHJHJUDGXDWHVOLYLQJ WKHUHKDVULVHQDFFRUGLQJWRWKHFLW\¶V HFRQRPLFGHYHORSPHQWSODQ,Q0DUFK WKH2DNODQGXQHPSOR\PHQWUDWHZDV RQO\DERXWSHUFHQWQRWVHDVRQDOO\ A housing boom is driving retail development in Oakland, Calif. By Anna Robaton DGMXVWHGDFFRUGLQJWRWKH%XUHDX RI/DERU6WDWLVWLFV7KHSRSXODWLRQ FXUUHQWO\DERXWKDVJURZQE\ DERXWSHUFHQWVLQFHDFFRUGLQJ WRWKH&HQVXV%XUHDXDQGE\WKH FLW\LVH[SHFWHGWREHFRPHKRPHWR QHDUO\SHRSOH 1RWVXUSULVLQJO\DKRXVLQJERRP LVXQGHUZD\LQ2DNODQGZKHUH UHQWVDQGVLQJOHIDPLO\KRPHSULFHV ZKLOHULVLQJDUHVWLOOVLJQLILFDQWO\ ORZHUWKDQLQXOWUDH[SHQVLYH6DQ )UDQFLVFR$VRI-XQHWKHUHZHUH DERXWKRXVLQJXQLWVXQGHUFRQ- VWUXFWLRQDFFRUGLQJWRFLW\RIILFLDOV 2DNODQG¶VYLEUDQWFXOWXUHDQGIRRG VFHQHV²DORQJZLWKLWVQRWDEOH DUFKLWHFWXUHDQGH[SDQVLYHSXE- OLFWUDQVLWV\VWHP²KDYHDOVRKHOSHG PDNHWKHFLW\DGHVWLQDWLRQIRUQHZ residents, tourists, businesses and LQYHVWRUV³,QLWLDOO\2DNODQGZDV PRUHRIDYDOXHGHFLVLRQZKHUH RIILFHWHQDQWVZHUHPRYLQJWKHUH EHFDXVHLWZDVOHVVH[SHQVLYH>WKDQ 6DQ)UDQFLVFR@´VDLG/DXUD6DJXHV D6DQ)UDQFLVFR±EDVHGVHQLRUYLFH SUHVLGHQWZLWK&%5(³%XWWKDWKDV VKLIWHGIURPDYDOXHGHFLVLRQWRD OLIHVW\OHGHFLVLRQ´ 6LQFH2DNODQGKDVDGGHG URXJKO\EXVLQHVVHVDQLQIOX[WKDW KDVVSXUUHGRIILFHGHYHORSPHQWLQFOXG- LQJPDQ\SURMHFWVZLWKVWUHHWOHYHO UHWDLOVSDFH,QWKHILUVWTXDUWHUWKHFLW\ ERDVWHGWKHORZHVWGRZQWRZQRIILFH YDFDQF\UDWHLQWKHFRXQWU\DWSHU- FHQWDFFRUGLQJWR&%5( $ERXWPLOOLRQVTXDUHIHHWRIQHZ FRPPHUFLDOVSDFHLQFOXGLQJVRPH VTXDUHIHHWRIUHWDLOVSDFH will hit the Oakland market over the QH[WIHZ\HDUVDFFRUGLQJWRFLW\ RIILFLDOV³2QHRIWKHVWUHQJWKVRI Ground-floor retail at the planned Uptown Station San Francisco's little sister is growing up

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