Innovative Development and Construction
acquired the site on behalf of the a Retail Strip Property Fund and intend
to develop a new retail and office complex, which will further add to the
reputation of this significant commercial and retail strip located in
one of Irvine's most affluent suburbs.
The current single level building is of a dated 1940s design. It comprises
four tenancies of approximately 90,000 ft2, over a total site area of 90,000
ft2. A town planning application has been lodged to demolish the existing
premises and construct a new retail and office complex comprising two
basement levels of car parking, three retail premises at ground floor level
(95,000ft2) and three upper levels of office space (210,000 ft2). The
anticipated completion value of the project is approximately $17 million.
The proposed development will be of high end quality and appropriate scale.
It respects and complements the existing character of the area particularly
in terms of building design, height and setbacks. Construction is expected
to commence in the middle of 2008 for completion at the end of 2009.
