November 28, 2012— DJM Capital Partners, Inc. announced today that it has acquired approximately 11 acres of prime, oceanfront real estate in Huntington Beach, Calif. for the retail and hotel portions of the planned mixed-use Pacific City development from residential developer Crescent Heights. Consistent with the entitlements, the company plans to develop their project on the original footprint of approximately 6.5 acres with 19,000 square-feet of open-air retail, restaurants and entertainment, and 4 acres for an eight-story waterfront-view hotel. DJM has re-imagined the design of the retail and hotel components of Pacific City to embody the iconic Huntington Beach, California coastal lifestyle, and embrace the premier oceanfront location as an unparalleled opportunity to attract tenants and guests to a breathtaking, one-of-a-kind destination environment.
“We have a rare opportunity to create an exceptional place in a setting most only dream about – with the authenticity ‘Surf City USA’ affords us,” said Lindsay Parton, President DJM Capital Partners. “Our vision is to curate unique, quality retail and dining that will appeal to both residents and visitors, offering something not currently found anywhere else in Orange County. The DNA of Pacific City has the dynamic energy of the surf culture at its core – and the history and lifestyle that surf culture represents is emulated around the world. We intend to capture it not only in the retail and food mix, but in the design, ambience, and guest experience as well. The key, though, is to do it in a very sophisticated way – this will be a world-class destination and must-see attraction for a very broad and discerning audience. This is not about theming. We’re at ground zero – the actual place it all began in Southern California. We don’t take this challenge, and this immense opportunity, lightly.”
DJM is already well established in Huntington Beach, as the owners, since 2005, of Bella Terra, an almost 1 million square foot open-air retail center at Beach Boulevard and the I-405 set on 44 acres with more than 70 shops and restaurants. The company is currently building a mixed-use addition to the center – the Residences at Bella Terra, with 467 apartment homes, a community park, and additional retail and restaurants to enhance the current mix. Their success rate and strong relationship with the City of Huntington Beach has positioned them well to gain approvals and support for Pacific City.
DJM has engaged internationally acclaimed architectural firm Jerde Partnership as design architects for Pacific City, SMS as executive architects, and Lifescapes International for landscape architecture. A strong roster of additional consultants across several disciplines will be added. “To attract the caliber of tenants we intend for Pacific City,” notes Parton, “We need to put a first-class team together to help us realize our vision. We’re doing just that.”
DJM’s Pacific City is just south of the famous Huntington Beach Pier along Pacific Coast Highway. A modern, craftsman beach bungalow aesthetic is planned for the architectural direction, with shops and especially restaurants taking full advantage of outdoor patio dining with views of the ocean and beach at the center’s doorstep. Multiple two-story buildings surrounding central courtyards programmed for events as well as spectacular “hang out” spaces will encourage people to stroll, congregate, and enjoy the unique location and multiple experiences DJM will create for guests.
“It’s a once-in-a-lifetime opportunity to acquire and develop a property where the Pacific Ocean is the anchor,” states Parton.“Initial interest from retailers and restaurateurs is amazing. Our task now is to pick carefully and create a sense of place that feels authentic and inviting in every way.”
About DJM Capital Partners, Inc.
Founded in 1992 by D. John Miller, DJM Capital Partners, Inc. is a leading private equity real estate investment group that focuses on enhancing and increasing value on undercapitalized and underperforming real estate assets. Providing its own development, rebranding, leasing, and asset management services, the company’s expertise spans various product types. DJM’s West Coast portfolio is valued in excess of $1 Billion. Known for its aggressive growth strategy and opportunistic, entrepreneurial investment approach, DJM specializes in identifying commercial properties throughout California and deploying its skilled team to create value and provide attractive returns for investors and partners.
Additional information is available at www.djmcapital.com.[button href=”http://djmcapital.com/djm-dispatch/2012/11/28/djm-capital-partners-acquires-11-acres-for-retail-residential-and-hotel-development-at-pacific-city-in-huntington-beach/” style=”emboss” size=”medium” color=”#1e73be” hovercolor=”#dd9933″ target=”_blank” icon=”external-link”]Source: DJM Capital Partners[/button]