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Posted Oct 24, 2022, 8:36 PM
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你的媽媽
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Join Date: Jan 2012
Location: The Bay
Posts: 9,718
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Quote:
Originally Posted by hughfb3
Also, of curiosity... with a city like Los Angeles, what used to be the suburbs are now just as dense and central to much of the region as the traditional center. West LA could be considered a regional center... In fact, the entire part of Los Angeles from the 101/5 to the ocean could be considered the Urban Core.
How many of these cities have evolved and expanded past the traditional urban core like what sunbelt LA is doing? With that, Malls in the suburbs have been turning into Supermalls with consolidation. We could say that the Westside Pavilion 3 story mall folded into the ever expanding Westfield Century City turning its old edifice into one of the largest new office spaces in LA... and Woodland Hills' Westfield Promenade mall coalesced with gargantuan Topanga & The Village, creating further opportunity for the neighborhood to densify.
Even though Woodland Hills is one of the most distal neighborhoods in the city of Los Angeles, it is building and planning for a future of it being a solid urban core.
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San Jose/Silicon Valley. There was a small historic downtown (skyline still remains short due to the airport location but it's growing in density) but otherwise it was mostly farmland and orchards. Then it became a hub for aerospace with Moffett Field and Lockheed, and then of course, tech, with computers, semiconductors, software, the internet, and now the metaverse. Together, with SF, you've got this two headed economic monster which probably isn't seen elsewhere in the US.
Silicon Valley is continuing to expand with new recently built/expanded HQs from Meta, Apple, Google, Adobe, with more future expansions in downtown SJ (Google), as well as HSR and BART extension. With that growth there are now more cultural attractions, with the 49ers moving to Levi Stadium as well. Westfield Valley Fair is also doing well with the highest sales volume in the state.
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Westfield Valley Fair’s 10-figure valuation is powered by retail sales of more than $1,400 per square foot annually, among the highest in the country, according to owner Unibail-Rodamco-Westfield. Construction is ongoing on a $1.1 billion expansion, which will boost the retail space from 1.5 million to 2.2 million square feet, adding around 100 stores.
Both Santana Row and Valley Fair have benefited from Silicon Valley’s wealth and spending power, and a convenient location next to two major highways, Interstates 880 and 280, its owners say. That’s made them successful despite retail headwinds. Both properties have retail occupancy rates above 95%, an enviable rate in an industry beset by bankruptcies.
“Malls are really leading the retail mess,” said Santa Clara County Assessor Larry Stone. But Silicon Valley is an exception, he said.
The shopping centers are also both evolving by adding more restaurants, gyms and entertainment-focused tenants. Offering experiences and spaces for socializing is critical in the quickly changing world of retail, said Scot Vallee, Westfield’s vice president of development.
“People want to do things when they’re not at work. They don’t want to work at a computer all day and then go home and sit and stare at a computer,” he said.
The Void, a virtual reality entertainment center, will open soon at Valley Fair, and a ShowPlace Icon movie theater opened in February. More fitness and health tenants are on the way in Valley Fair’s new wing, which is set to open next year.
At the same time, Westfield’s largest tenants, Nordstrom and Macy’s, invested in renovations in the past two years, and Bloomingdale’s is building a new flagship store. It’s a contrast to other locations such as San Francisco’s Union Square, where Macy’s has downsized. Luxury jewelry and apparel sales have also been strong, but aren’t growing as quickly as food and entertainment, said Vallee.
In a sign of the times, Santana Row has multiple online retailers that have expanded to physical outposts: Amazon Books, Warby Parker and Sugarfina.
Santana Row’s owner, Federal Realty Investment Trust, cites the complex’s 700,000 square feet of office space, as well as hundreds of housing units, as key parts of a successful mixed-use economic engine.
“The office users just love being here. It’s a huge competitive advantage,” said Jan Sweetnam, Western region chief operating officer at Federal Realty Investment Trust. “We’re really a go-to place to go and hang out.”
Three new offices are under construction, including a new office for data-software company Splunk, which has been expanding in San Francisco and San Jose.
Santana Row’s proximity to Valley Fair has also helped drive foot traffic to both properties.
“I think we work well together, and we benefit each other,” said Jeff Berkes, Federal Realty’s West Coast president. “Other than San Francisco, I don’t know where else you have this kind of strength (in the Bay Area), and it’s all walkable.”
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https://www.sfchronicle.com/business...t-14396664.php
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