New $35 Mil Mixed-Use Project Planned for Visalia

A new $35 mil retail-driven mixed-use project is planned for the CA town of Visalia, a city of just over 100,000 situated about midway between Bakersfield and Fresno in Tulare County. The new ground-up project from Highland Development Company will include a specialty market, drug store, sit-down restaurant, various quick-serve restaurants, cafes, retail shops and a bank.

The 14.3-acre project is bounded by Caldwell and Kimball avenues and West and Court streets and will include more than 82k sf of retail and restaurant space. A second phase featuring 33.5k sf of office space is also proposed on 3.75 acres at the northeast corner of Kimball Ave and West St. Highland Development hopes to announce the company names of the specialty market and drug store in the next 30 days.

“Caldwell Avenue is a highly trafficked thoroughfare running east from Hwy 99 through the south part of Visalia,” said Michael Singelyn, Senior Director of Development for Highland Development. “Numerous new residential communities and several retail shopping centers have been built recently in the surrounding area to accommodate increasing demand.”

“The City of Visalia has experienced strong population and income level growth over the past decade,” noted Singelyn. “The city’s population as of 2006 was 114,835, having grown over 25 percent since 2000. The city’s median household income has also grown from $41,349 to $51,870 since 2000. This is an ideal site for expansion-minded retailers and restaurant chains.”

Highland is currently in the entitlement process and hopes to break ground on the first phase in the first quarter of 2009 with completion of that phase in the third quarter, 2009. Duane Keathley, Vincent Roche and Alex Bendlin of CB Richard Ellis are the leasing and sales agents for the project. Benson & Bohl of San Diego is the project’s designer.

In addition to the company’s Visalia project, Highland Development currently has more than 1 msf in various stages of development or redevelopment including a variety of projects in California and a 375k sf project in Phoenix. The company is almost finished with the construction of an 84.5k sf mixed-use retail/office project in Bakersfield, which is anchored by an existing Walgreens and is expected to be completed by year-end 2007.

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source: rentv.com