Developer Irvine Co. plans to breathe new life into space set to be vacated by Macy’s in Irvine, Calif.
The Newport Beach, Calif.-based real estate company said it plans to pump about $150 million into various improvements at the Irvine Spectrum Center, adding cosmetic touch-ups in the way of landscaping along with new seating and parking garage changes.
The plans for the 140,000-square-foot Macy’s store, which opened in 2002 and employs 112, is at the center of the reinvestment. The developer intends to create two new buildings with the space that will house 20 new tenants described as a “carefully curated” mix.
Macy’s said this week it planned to shutter 40 stores nationally in the spring as part of a much broader cost-cutting initiative that includes layoffs and the closure of its St. Louis call center. In California, the company will also close its 165,000-square-foot store in the Country Club Plaza in Sacramento. It will reopen a larger store at Westfield Century City as part of an $800 million redo of that center.
Irvine Spectrum Center includes anchors such as Nordstrom and Target in addition to more than 130 other tenants ranging from retail and restaurants to entertainment uses. It’s part of Irvine Co.’s retail portfolio, which also includes the Fashion Island shopping center in Newport Beach.
Irvine Co. said sales at Irvine Spectrum Center last year were up from 2014 as was traffic and the reinvestment, the company said, is seen as a way to maintain the trajectory.
The developer last year completed a 57,000-square-foot expansion to Irvine Spectrum that accommodated the addition of retailers and restaurants in a project totaling more than $40 million.