The former La Costa Towne Center is going upscale, with a $15 million renovation, a new name and a fresh tenant mix featuring the San Diego debut of Equinox. The high-performance fitness brand will anchor the center in the long-shuttered storefront once occupied by a Vons grocery store.
As the newly-christened The Beacon La Costa, the 123,000-square-foot property will be renovated and repositioned into a cohesive luxury retail center. The transformation will begin this fall and is expected to be completed by the end of next year.
Located at the southeast corner of El Camino Real and La Costa Avenue in close proximity to the Omni La Costa Resort & Spa, Park Hyatt and Four Seasons Residence Club Aviara, The Beacon will offer a casual coastal fitness, dining and shopping experience for North County’s affluent communities, including Carlsbad, Encinitas, La Costa, Rancho Santa Fe, Del Mar and Solana Beach.
Equinox – the first to open in the San Diego region – will occupy 31,000 square feet on the property and will offer its premier slate of exclusive services, including world-class personal trainers, state-of-the-art fitness equipment and a rejuvenating spa. In addition to Equinox, The Beacon will offer 62,000 square feet of premium retail space along with 30,000 square feet of office space, creating a new community destination strengthened by vibrant local businesses. The tenant mix will feature a variety of full-service and fast-casual gourmet restaurants, boutiques and specialty neighborhood services.
“This project was in desperate need of capital infusion and a fresh tenant mix,” said Scott Schonfeld, Principal of Linwood Ventures, which acquired the property in a joint venture with Centennial Real Estate Company and Angelo, Gordon & Co. in October 2014. “We are excited that Equinox has chosen The Beacon as the springboard for its expansion into San Diego. It’s the perfect anchor for the unique community gathering place that we’re going to create.”
“Given the scarcity of upscale retailers and restaurants in this community, there is a growing demand for boutique retail centers like The Beacon,” added Don Moser of Retail Insite, the project’s leasing broker.
In addition to the complete renovation of the anchor building for Equinox, the improvements will include faÃ§ade enhancements and upgrades to the project’s parking and common areas, including new parklets and outdoor dining terraces with sweeping views of the Batiquitos Lagoon and nature preserve directly across El Camino Real.
posted by Andrea Gonzalez 8/18/15