Irvine Company announces a major $150 million reinvestment

Irvine, Calif. -- Irvine Company announced a major $150 million reinvestment in Irvine Spectrum Center located in Irvine, California, in the heart of Irvine Spectrum, a mixed-use community that provides a balanced district of retail, office, and living space.



The reinvestment will feature more than 20 new stores located within two new buildings on the current site of Macy’s, which announced earlier this week the closure of 40 stores nationwide, including the one at Irvine Spectrum Center. Additional upgrades will include new landscaping, outdoor seating and shade areas, state-of-the-art amenities, and circulation and parking-garage improvements.



“The Macy’s closing has been contemplated for months and has provided us with a unique opportunity to rebalance Irvine Spectrum Center with additional retail stores to ensure that it continues as one of Southern California’s premier shopping, dining and entertainment lifestyle destinations,” said Easther Liu, CMO for Irvine Company Retail Properties. “As a master-planning company and long-term owner, we are always exploring how we evolve Irvine Spectrum Center’s vibrancy and relevancy to marry with our customers’ evolving tastes.”



Irvine officials noted they will announce some of the key retailers going into the new buildings over the coming year, emphasizing that the stores will complement and enhance the current tenant mix that includes: Nordstrom, Target, H&M, Apple Store, Anthropologie, lululemon athletica, Forever 21, Brandy Melville and Hurley | Nike SB, in addition to restaurants such as Javier’s, CUCINA enoteca, P.F. Chang’s, Cheesecake Factory, Del Frisco’s Grille, Tender Greens, BRIO Tuscan Grille and IMAX theater.

Between 2014 and 2015, the Irvine Company invested more than $40 million in Irvine Spectrum Center, which added approximately 57,000 sq. ft. of space to bring in new retail stores and restaurants, including Sports Authority, TLT Food, Del Frisco’s Grille, BRIO Tuscan Grille, Kona Grill, as well as relocating and expanding Improv Comedy Club.



In addition the center completed a retrofit of its Giant Wheel (with 12,500 standard bulbs replaced with more than 52,000 energy-efficient LED lights capable of a dazzling 16 million different color schemes), parking garage enhancements and improvements to the “ring road” and Spectrum Center Drive.