After recently receiving approval from the City of Laguna Hills, West Coast-based investment company Merlone Geier Partners will redevelop a Nordstrom Rack-anchored retail center with a 2.9 million square-foot mixed use community. Set to begin construction over the next six months, Village of Laguna Hills will feature a mix of residential, commercial, hotel and entertainment uses once it is complete.
Merlone Geier acquired the property, at 24100 Laguna Hills Mall in 2013 for around $110 million, prior to it permanently closing in 2018. Now after securing entitlements, Merlone Geier will redevelop it to include a total of 465,000 square feet of office space, 1,500 residential units, 250,000 square feet of retail space and 100 to 150 boutique hotel suites.
According to the property’s website, the office space would include four four-story office buildings, ranging in size from 108,000 square feet to 158,000 square feet. In addition, the buildings would feature a variety of creative work spaces, including outdoor meeting areas.
Other outdoor amenity spaces would include a 2.5-acre central park and an amphitheater. The development will also include a luxury theater and a fitness center.
“Being South OC’s most coveted, centralized location with multiple freeway access is just the beginning. The Village’s 1,500 units in five residential buildings with dedicated parking are walkable to trails, a 2.5 acre park, amphitheater, offices, cinema and boutique shopping. Minutes away, residents can explore 42 miles of OC’s world-famous coastline or take an easy day trip to the desert or mountains,” the property website states.
The development would be located adjacent to Interstate 5 and just a 14-mile drive to the John Wayne Airport. The close proximity to the freeway would provide access to the space by nearby Orange County communities, including Laguna Hills as well as Laguna Woods, Laguna Niguel, Laguna Beach, Lake Forest, Aliso Viejo and Foothill Ranch. The area is also a close commute to the Irvine Spectrum Center, which is home to some or Orange County’s top employers, including Amazon and Google.
The property is not the only redevelopment by Merlone Geier Orange County. The company is also in the process of redeveloping the Warner West Shopping Center, which is located at the northwest corner of Goldenwest Street and Warner Avenue. The 67,000 square-foot redevelopment project will include a grocery store, restaurants and a number of retailers.
With properties across various West Coast markets, Merlone Geier Partners has, to date, acquired 173 West Coast properties totaling more than 28.5 million square feet.
