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June 2005 Edition
Irving Company’s Gold Coast
More than 130 years ago, James Irvine purchased one of California’s historic ranches that stretched from the blue Pacific to the San Joaquin foothills in the north where cattle, sheep and citrus were his main revenue generators. While the landscape in this historic Orange County land mass has changed dramatically during the past four decades, remnants of this Mexican land-grant rancho remain including more than 50 percent of the ranch’s 125,000 acres that have been preserved as permanent open space — lush canyons, pristine wilderness, and parklands that keep much of the original rancho in tact for now and in the future. The trade off has been a brilliantly executed, long-range development plan that features model community developments, the world-renown University of California Irvine campus, and some of the world’s most successful commercial and retail developments.
Centerpiece of the Irvine Ranch holdings is the very upscale, very successful Fashion Island, a 900,000 sq. ft-regional, outdoor-themed center with commanding views of the Pacific and Catalina Island. “Fashion Island is known for stores you won’t find at other Orange County retail centers — we offer designer fashion that were once only available in Los Angeles,” stated Nina Robinson, Director—Corporate Communications for the Irvine Company. “We have approximately 200 tenants — including Bloomingdale’s and their Home Store...Neiman Marcus...and Macy’s and Robinson’s-May.” The Fashion Island Apple store is one of the most successful locations in the nation. In addition, leading retailers also include Garys, Roy’s Restaurant, Lola Rouge, Hanna Anderson, and Kenneth Cole.
One of the hottest retailers is The Closet, an Eddy client, which is a good example of a boutique that is locally owned, according to Robinson. “They have a keen eye for what is hot and cutting edge.”
What has propelled Fashion Island to the forefront has been its appeal as a tourist destination, and the creation of world-class resorts in nearby Laguna Beach, Dana Point, and Newport Beach. “We offer a plethora of visitor amenities including beautiful landscaping in outdoor, open-air atmospheres, cushioned seating, water fountains, outdoor fireplaces and exquisite architectural elements. We simply want our guests to linger over coffee, read the newspaper, and relax.”
Shoppers relax so well, it seems, that sales per square foot are amongst the highest in the United Sates. And the Irvine Company’s other nearby specialty centers in Crystal Cove and Corona del Mar are perfect examples of blending upscale retail with the same high-quality environmental design. Crystal Cove, located across Pacific Coast Highway from the state park and situated on a bluff overlooking the ocean, is a great example of building a high-end specialty center ‘on the water’...where half the market is fish.
“We’ve been able to attract both local and out-of-the area shoppers who want a pleasant, unique retail environment — great stores, fine restaurants, and spectacular views. And having Trader Joe’s as our anchor tenant has been a huge plus for us.”
So what does the Irvine Company do for an encore? “We have three neighborhood and community centers in the works in the northern portion of Irvine, including Woodbury Village Center, a 450,000 sq. ft. center within the planned community of Woodbury. It is scheduled for 2006 opening,” Robinson said.
As it turns out, James Irvine was not only a visionary, he established a legacy of managing and preserving the land for its highest and best use. Today, Irvine Ranch is a model for the world in land-use planning, and all one has to do is visit the Company’s coastal retail developments to understand why they are successful and why shoppers love to spend money in their centers.
Check out our new Web site: We've launched an updated web site which now includes more information and previous issues of The EddyLine. Take a look...refer a friend...even better, refer a future client. Enjoy!
The Eddy Company updates...
Ruby's Diner had a smashing opening of its new Temecula, CA location+..Gelato Paradiso opened its third store across from Grauman's Chinese Theater on Hollywood Boulevard June 21. Sanrio has plans to open 170 stores across the US over the next two-three years...Just Cavalli's latest store in Sunset Plaza is doing extremely well. The Closet is looking for next store to be located on 3rd Street Promenade, Santa Monica. Lids/Hat World looking for more locations on Maui, Oahu, and Hawaii (Big Island). Kona Grill seeking location in Waikiki, Hawaii.
The Eddy Company is one of America's leading specialty retail leasing consultancies. For information, contact Bill Eddy at our Newport Beach office 949-640-7475. Please visit our web site - theeddycompany.com or e-mail: bill@theeddycompany.com .
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