Galleria Owners Select Preferred Option for Redevelopment
FOR IMMEDIATE RELEASE
Media contact:
Geoff Maleman: 310-753-6460 (cell)
info@forestcity.com
Galleria Owners Select Preferred Option for Redevelopment
New Option Includes Office, Reduced Residential Component, More Open Space
(September 26, 2017, Redondo Beach, Calif.) – Following the closure of the public comment period on the Draft Environmental Impact Report (DEIR), the owners of South Bay Galleria, Forest City and QIC, have announced that they plan to pursue “Alternative 4-1” as they look to transform the Center into one of Southern California’s premier integrated retail, leisure and dining destinations.
Alternative 4-1, which was developed following a period of significant stakeholder engagement, responds directly to community feedback received throughout the process and includes reduced building heights along the Kingsdale Avenue frontage, elimination of all the proposed residential units from the Kingsdale frontage, and a reduction of residential units to 300 units – all located on the Hawthorne side of the project.
This proposed version of the project also includes an office component and several proposed new family-friendly public gathering places, including a Neighborhood Park with children’s activity areas and programmable open space.
“We believe Alternative 4-1 provides us and the city with the best opportunity to reposition the Galleria, spur economic growth in the surrounding community, increase tax revenue for the city and create a unique and vibrant place to live, work and play,” said Kevin Ratner, President of Forest City West.
Historically, the Galleria has generated approximately 35 percent of the city’s annual sales tax revenue, and Ratner said the proposed project will reinforce this critical economic engine by combining expanded retail and dining venues with open-air promenades, a hotel and residences that are woven into the fabric of the neighborhood.
In addition, the project includes the opportunity for the addition of new office space. Forest City/QIC began the exploration of this office use even before the city’s General Plan Review Committee received a report indicating the need for new office space in the city.
“We certainly want to be responsive to the needs of the community,” Ratner said. “And our proposed plan provides scope for potential complementary uses that we believe will enhance the viability and appeal of the center.”
Matthew Strotton, Executive Vice President, for QIC GRE, said creating a retail destination that appeals to a wide array of people and becomes a community hub of activity is critical.
“Our international experience as an institutional fund manager operating an extensive retail asset portfolio for 25 years tells us that retail destinations today are as much about lifestyle, recreation, entertainment and dining as shopping,” he said. “More and more, customers are seeking an interactive retail and social experience that incorporates integrated and experiential events. For us, the vision for the Galleria provides a fusion of interrelated experiences that create a destination which embraces cutting-edge technology, clever design, and the instinctual human desire to connect.”
Alongside the enhanced retail and restaurant components, the joint owners believe the addition of a boutique hotel as well as residential uses, with a significant focus on green space and landscaping, will activate and enhance the safety of the area, as it has at other retail locations throughout Southern California. The proposed project will also enhance the walkability of the area, putting shops, restaurants and even grocery stores within walking distance of residences, hotel rooms and the newly renovated AMC theater.
Forest City has also worked hard to create a transit-oriented plan that provides ease of access to public transportation for current and future residents and respects the fabric of the existing neighborhood, seizing upon the location as both a current transportation hub and proximity to the future Green Line extension stop.
“We want to enable people to use public transportation, walk or bike to shopping and dining destinations and use their cars a lot less than they do today,” said Ratner. “The proposed development will pay significant attention to better pedestrian and bicycle access and will promote easy transitions between a variety of transportation options.”
In addition, work is continuing with Beach City Transit, Metro and other municipal bus lines as well as with the South Bay Bicycle Coalition to focus on improving pedestrian and bicycle access to the new transit center.
“Together with our joint venture partners, we believe our vision for the Galleria is an exciting one, filled with many of the things we heard Redondo residents say they wanted,” said Ratner. “We look forward to continuing to engage the community as we work together to create a new Galleria of which we can all be proud.”
For more information on the proposed project or to sign up for project updates,
please visit www.newsouthbaygalleria.com
CAPTION: Preliminary concept of the Galleria’s proposed Alternative 4-1.
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About Forest City
Forest City Realty Trust, Inc. is an NYSE-listed national real estate company with $8.2 billion in consolidated assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. In addition to South Bay Galleria, other properties owned and operated by Forest City in Southern California include Victoria Gardens in Rancho Cucamonga, Promenade Temecula in Temecula, Antelope Valley Mall in Palmdale, as well as several apartment communities in and around downtown Los Angeles. For more information, visit www.forestcity.net
About QIC
QIC is one of the largest institutional investment managers in Australia, with USD621 billion in funds under management. QIC has about 90 clients including governments, pension plans, sovereign wealth funds and insurers, spanning Australia, Europe, Asia, Middle East and the US. Headquartered in Brisbane, Australia QIC also has offices in New York, San Francisco, Los Angeles and London. For more information, please visit: www.qic.com.
About QIC’s Global Real Estate Business:
With around USD14.11 billion invested in Australian and US retail and offices, we have developed a reputation for delivering predictable outcomes for clients over the long term.
Our team has extensive experience in deal origination and execution, asset management, leasing, marketing and development.
1As of March 31, 2017