OC Development & Construction Summit: The Videos
Last week, Bisnow gathered together five experts for our OC Development & Construction Summit, and sponsor Allen Matkins (whose partner Greg Clark moderated) filmed some highlights.
DJM Capital prez Lindsay Parton says that the company is creating a very different shopping and destination experience at Pacific City than what was envisioned before. It will be a lifestyle-oriented property, with a public market near the hotel, a beach-club concept on the ocean where visitors can go surfing or work out (the "suns out, guns out" ethos), and places to shop and eat. All together, Pacific City will be a destination where people will go and spend time. Lido Marina Village will have similar lifestyle components.
Donahue Schriber prez Lawrence Casey says that the company's 90-acre Rocklin project, which is on land acquired before the recession, is nearing fruition after a number of years. Anchored by Target and Walmart, other tenants will include Ross, Steinmart, Studio Movie Grill, and Petsmart. There's also a lot of interest from food retailers in the center, especially those that will offer fresh, healthy options for the consumer. (Guess that means we're running out excuses for eating pizza for lunch, dinner... breakfast, snack, and mid-afternoon meal every day.)
C.W. Driver SVP of operations Michael Byrne says an important goal of new technology in the construction industry is to establish a platform that allows companies like his to collaborate with developers, owners, and architects to better to identify and correct problems at an early stage. C.W. Driver's also a proponent of the paperless job site. (It cuts down the number of paper airplane-related work injuries.) All superintendents have iPads in the field, and a staff of modelers and application developers is busy devising ways to make the process more efficient.
Aventine Development CEO Chad Hagle posits that the property types as we know them in commercial real estate are going to evolve. Industrial and office will undergo a fusion as less space is needed per employee, but more flexible space--that which supports a combination of the functions now found separately in industrial and office--is needed. He calls it "industrioffice."
CBRE senior marketing director Jeffrey Moore predicts that unless rents bump up another $1 or $1.50/SF, there won't be much office development in Orange County in the near future. Big players such as Hines, CBREI, and Blackstone are busy buying office properties. These buyers are anticipating being able to drive rents, and after that development will start again--maybe in three to five years.