Redevelopment approved and new leases announced at this large retail infill project in the Bay Area.

Rossmoor Shopping Center is destined to become the heart of its Walnut Creek community. In May, the Center received approval from the Walnut Creek Design Review Commission (DRC), the third of three approvals necessary to begin the Center’s dramatic redevelopment.

Tallen Capital Partners, LLC and Citivest Commercial, LLC, along with their equity partner, led this 30 month redevelopment planning and leasing process. The architectural design team is led by Architect Norman Sears of our San Francisco office.

“We’re delighted by the care that has been put into revitalizing this center,” said Walnut Creek Mayor Loella Haskew, “and we appreciate the dedicated approach taken by Mr. Tallen and Mr. Belden, Citivest Commercial, LLC, chief operating officer, to ensure that this renovation meets the needs of the many people who call the Tice Valley home.”

This phased redevelopment includes a refreshed facade, drive-through pharmacy, fashion-forward boutique shops and charming restaurants.  The revived center will be dotted with plazas for friends and family gatherings, hundreds of new trees, lush plantings, beautiful lighting, highly accessible parking and more. Ground breaking is scheduled to begin in the fourth quarter of 2016 with completion expected in the fourth quarter of 2017 or the first quarter of 2018.

“SGPA is excited to be a part of the team that is revitalizing the Rossmoor Shopping Center into a vital place for the community to gather and to provide for their daily needs.  We have taken great care to listen to the needs of the community and to design an environment that makes for a vibrant destination,” said Stuart Lyle, President of SGPA.

Recent lease signings include:

  • New long-term lease with Safeway, an existing tenant
  • New long-term lease with CVS Pharmacy, an existing tenant who will move to a new pad location that includes a drive thru for consumers’ convenience
  • A new long term lease with local Rossmoor retirement community stakeholders and realtors Better Homes & Gardens, an existing tenant who will move to a new, completely renovated location
  • A long-term lease with Starbucks, a new 2,000 square foot prototypical store with a drive thru

Previously the Center received unanimous support from the Walnut Creek City Council and the Walnut Creek City Planning Commission. Further refinements to access and circulation and landscaping, etc., are anticipated, while the Ownership’s redevelopment plans and re-zoning are now formally approved and entitled, granting the project to move forward. The project will also include a Public Art component and the DRC provided guidance as to the locations of this unique component of the project.

“We are very pleased to have been granted the re-zoning and entitlements and we’ve worked very closely with the community and the city of Walnut Creek for the past two and a half years to bring the entitlements for this redevelopment to fruition,” said Mr. Tallen, principal, Tallen Capital Partners. “We’re thrilled to bring in compelling new shops and restaurants making this a destination for both the local community and the entire East Bay. We have developed a wonderful working relationship with the community and feel privileged to be the team, which after 50 plus years, will transform the Rossmoor Shopping Center into a suburban oasis to serve not only the Rossmoor retirement community but also the young families, daily commuters and residents of Walnut Creek Lafayette, Alamo and surrounding neighborhoods. In addition, we are delighted that the project was approved just prior to our International Council of Shopping Centers conference next week and we anticipate increased leasing velocity.”

This phased redevelopment is expected to take approximately 15 months.