{"id":1004176751,"date":"2017-05-15T06:29:35","date_gmt":"2017-05-15T14:29:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004176751"},"modified":"2022-12-08T17:28:00","modified_gmt":"2022-12-09T01:28:00","slug":"50m-oc-project-wraps-up-retail-component-marriott-underway","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/50m-oc-project-wraps-up-retail-component-marriott-underway\/","title":{"rendered":"$50M OC Project Wraps Up Retail Component, Marriott Underway"},"content":{"rendered":"<p>By Ariela Moraru<\/p>\n<div id=\"attachment_1004176754\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004176754\" data-attachment-id=\"1004176754\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/50m-oc-project-wraps-up-retail-component-marriott-underway\/springhill-suites-by-marriott-at-lake-forest-gateway-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center-e1494851417471.jpg\" data-orig-size=\"1140,737\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Springhill Suites by Marriott at Lake Forest Gateway Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Springhill Suites by Marriott &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center-e1494851417471.jpg?w=1024\" class=\"wp-image-1004176754 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center-e1494851417471.jpg\" alt=\"Springhill Suites by Marriott \" width=\"300\" height=\"194\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center-e1494851417471.jpg 1140w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center-e1494851417471.jpg?resize=300,194 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center-e1494851417471.jpg?resize=768,497 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center-e1494851417471.jpg?resize=1024,662 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004176754\" class=\"wp-caption-text\">Springhill Suites by Marriott<\/p><\/div>\n<p>ValueRock Realty Partners has completed the retail portion of Lake Forest Gateway Center, a mixed-use redevelopment in Lake Forest, Calif. The next\u00a0addition to the project will be a 99-key <a href=\"https:\/\/www.commercialsearch.com\/news\/virtua-to-develop-springhill-suites-hotel-in-avondale\/\">Springhill Suites by Marriott<\/a>,as the Lake Forest City Council has approved Tharaldson Hospitality Group\u2019s application request. ValueRock also recently secured $36.1 million in refinancing from Deutsche Bank.<\/p>\n<p>Located at 23592 Rockfield Blvd., in an area with 71,000 cars per day, the center is almost\u00a0fully occupied. ValueRock Director of Leasing Ralph Ongkeko and Director of Development Pat Cox worked closely with leasing brokers Lee &amp; Associates. Tenants include Starbucks, Panera Bread, Peppino\u2019s, Buffalo Wild Wings and Sears Appliance Center. The shopping center is located 3.5 miles south of <a href=\"https:\/\/www.commercialsearch.com\/news\/irvine-co-inks-50-ksf-leases-in-irvine-spectrum\/\">Irvine Spectrum<\/a>, one of Southern California&#8217;s most popular entertainment and shopping centers.<\/p>\n<p>ValueRock began the redevelopment of the 92,000-square-foot shopping center in 2014, when several office and bank buildings were demolished. The modernization program of the aging retail and offices buildings just off Interstate 5 was the result of several years of design planning. The total program, including construction of the new hotel, is expected to cost more than $50 million.<\/p>\n<p><em>\u201cOnce we began work on the center we were approached by multiple hotel operators who saw an opportunity to add a new hotel to the site,\u201d<\/em> said Dennis Vaccaro, senior vice president of ValueRock Realty Partners, in prepared remarks. <em>\u201cWe then updated the development plan to forgo a portion of the new retail and replace it with the hotel component.\u00a0 The new plan creates a dynamic mixed-use property.\u00a0 Working together with our hotel partner we were able to gain city approval for the new development plan.\u201d\u00a0<\/em>The new hotel will begin construction later this year and is slated for completion in 2018.<\/p>\n<p><em>Image courtesy of ValueRock Realty Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ValueRock began redeveloping the mixed-use shopping center in Lake Forest, Calif., in 2014. The company recently received the go-ahead for a 99-key Marriott hotel.<\/p>\n","protected":false},"author":960,"featured_media":1004505975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21752,21742,34267,15],"tags":[35540,32762,33877,35539,35538],"class_list":["post-1004176751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-mixed-use","category-latest","category-orange-county","category-west","tag-lake-forest-gateway-center","tag-lee-associates","tag-marriott","tag-tharaldson-hospitality-management","tag-valuerock-realty-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>$50M OC Project Wraps Up Retail Component, Marriott Underway - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/50m-oc-project-wraps-up-retail-component-marriott-underway\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$50M OC Project Wraps Up Retail Component, Marriott Underway\" \/>\n<meta property=\"og:description\" content=\"ValueRock began redeveloping the mixed-use shopping center in Lake Forest, Calif., in 2014. The company recently received the go-ahead for a 99-key Marriott hotel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/50m-oc-project-wraps-up-retail-component-marriott-underway\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-15T14:29:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:28:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1300\" \/>\n\t<meta property=\"og:image:height\" content=\"737\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ariela Moraru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/50m-oc-project-wraps-up-retail-component-marriott-underway\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/50m-oc-project-wraps-up-retail-component-marriott-underway\\\/\"},\"author\":{\"name\":\"Ariela Moraru\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/411d261c513cee4c8ccbfb27f5380e0b\"},\"headline\":\"$50M OC Project Wraps Up Retail Component, Marriott Underway\",\"datePublished\":\"2017-05-15T14:29:35+00:00\",\"dateModified\":\"2022-12-09T01:28:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/50m-oc-project-wraps-up-retail-component-marriott-underway\\\/\"},\"wordCount\":316,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/50m-oc-project-wraps-up-retail-component-marriott-underway\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Springhill-Suites-by-Marriott-at-Lake-Forest-Gateway-Center.jpg\",\"keywords\":[\"Lake Forest Gateway Center\",\"Lee &amp; 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