Alecta Moves Forward on La Jolla Village Revamp
With Nordstrom Rack in tow, owners of a '70s era shopping center are set for a major overhaul. Alecta Real Estate has filed permits with the City of San Diego to begin work on the revamping of The Shops of La Jolla Village, a 165k SF center in the La Jolla/UTC area. This comes on the heels of its lease with Nordstrom for its off-price retail unit that will replace the former Landmark Theaters movie house. While Alecta officials say there will be renovations done to the facade (which has been largely untouched since 1990), the firm really is focused on rejiggering the parking lot for better traffic flow. Alecta will be adding three dozen more parking spaces and a new network of pedestrian walkways. While total investment dollars were not disclosed, any investment could be a good bet given the explosive growth in UTC.
