Craig Realty – developers of the Manteca project – is being tight-lipped about what stores have signed leases for what has been described as an “upper-end outlet mall.” Commercial real estate experts have indicated that Craig Realty would not have been able to secure financing for the project if they didn’t have a large chunk of tenants already lined up.
The first outlet stores are expected to open by spring 2010 as part of The Promenade Shops at Orchard Valley that is anchored by JC Penney and Bass Pro Shops. Craig Realty is expected to announce the names of some of the tenants by January.
The construction firm building the complex also was issued a $60,000 tenant improvements for some of the existing in-line space.
The Manteca Convention & Visitors Bureau is preparing to move into some of the in-line space that has already been completed at the center in December.
The CVB will assist with promoting events at the shopping complex that are designed to attract more visitors to Manteca.
Craig Realty principal Steve Craig who has developed similar upscale outlets has called the combination with Bass pro Outlets “a match made in heaven.” Bass Pro Shops has a regional drawing power of up to 100 miles.
The company owns, operates and manages nearly 3.5 million square feet of existing retail development in six states. The centers are Woodburn Company Stores located near Portland, Oregon; Cabazon Outlets located near Palm Springs; Citadel Outlets located in Los Angeles; Outlets at Conroe located near Houston, Texas; Outlets at Anthem located in Phoenix, Arizona; Outlets at Vicksburg in Vicksburg, Mississippi; Outlets at Castle Rock, Outlets at Loveland and Outlets at Silverthorne near Denver.
The city in October also issued a $150,000 permit to complete the interior of space at Stadium Retail Center for a yogurt shop. Kitchell Development – the firm that oversees Stadium Retail – is expected to announce two more tenants within the next two months.
Builders started work on 36 new single family homes in October.
The homes had an average construction value of $169,591. That figure excludes land cost, sewer/water connections and development fees, infrastructure costs and the developer’s cost of doing business and profit. The average size of the new homes started is 2,775 square feet.
The typical new home built in Manteca five years ago was just shy of 3,000 square feet.
Then at the bottom of the new housing market when 10 permits were issued in February 2008 the average size fell to 1,577 square feet.
New housing starts in June 2008 saw the average size climb up a bit to 1,760 square feet.
While home sizes have bounced back, what hasn’t are building costs. It cost $25,000 more to build an additional 1,000 square feet last month compared to the cost in June 2008. And it is only $31,000 more to build the 2,722 square foot home last month than it did the 1,577 square foot home in February 2008.
Overall 164 permits for construction work were issued for Manteca projects in October with a combined value of $12.6 million. The mall work accounts for 38 percent of that overall total.