Not every city can make demands on well-known retailers such as Target Corp. or In-N-Out Burgers Inc. It’s usually the other way around – unless it’s a chichi shopping center in a place like Westlake Village. As passersby on the 101 freeway may have noticed recently, Target altered its famous red bullseye to more of a rich bronze tone to conform with city standards at its new location. And when In-N-Out opens in November, it will be the chain’s most unique location to date. Its screaming-yellow arrow logo has been transformed into bronze, circling a toned-down brick exterior rather than white stucco. Welcome to the Shoppes at Westlake Village, a nearly $80 million project undertaken by hometown developer Daniel Selleck and his Selleck Development Group Inc. “The Shoppes at Westlake Village has really exceeded my wildest expectations,” said Selleck, who bought the 20-acre property four years ago. “To have Target at one end and In-N-Out at the other, I can’t think of two better places to flank our development.” Some might think Selleck took a chance with the development. The city’s population is a little more than 8,000 and it already is home to two high-end centers: the Promenade at Westlake Village, owned by Los Angeles developer Rick Caruso of Caruso Affiliated and Westlake Plaza and Center, owned by Regency Centers Corp. of Jacksonville, Fla. But the city, and the entire Conejo Valley, has a highly desirable demographic, with the Shoppes’ leasing agent, Lee & Associates, estimating it will draw from 175,000 nearby residents with an average household income of almost $144,000. Indeed, the 240,000-square-foot center, which has spots for 34 retailers, is already 96 percent pre-leased. Among its tenants is Fillmore & 5th, a designer consignment boutique; Endless Beauty, a Woodland Hills chain that specializes in skincare and beauty products; and Kirk Jewelers, which carries the Hot Diamonds brand and Tag Heuer watches. There also are upscale restaurants and hot casual eateries such as Dallas sandwich shop Which Wich and better burger joint Hook Burger LLC. Mike Tingus, president of north Los Angeles and Ventura County offices of Lee & Associates and the leasing broker on the development, said the center has filled up rapidly and the remaining leases should be signed by the end of this month. “We could lease it all today, but we’re being picky about the tenants we want to join the center,” he said. “We want to balance the space and keep it unique with several places that are new to the area.” Wrought iron The design of the development is typical of Westlake Village. The 30770 Russell Ranch Road complex is built in a Napa Valley-styled architecture, with a heavy dose of stone walls, clay tile roofs and large wood cellar doors with wrought iron details. Covered promenades offer shade. Selleck noted that about 20 percent of the tenants, such as Jeannine’s Gourmet Food Hall and Olio e Limone Ristorante, either come from Santa Barbara or at least have a strong presence there. “I think it makes sense,” he said. “Our demographics are similar to Montecito and Santa Barbara.” Total Woman Gym + Spa, an upscale gym chain based in Westlake Village, decided to move its headquarters and flagship store into the shopping center after 20 years elsewhere in the city. The chain, which has 16 locations with monthly fees starting at $105, caters to females with massages, facials and fitness studios offering classes such as hot yoga, group cycling, Pilates and Zumba. The new 13,000-square-foot flagship takes it a step further, offering one-on-one health and exercise advice. “We want to be where our customers are and Target is a good anchor store for us to be near. The new location also offers better in and out flow and access to parking,” said Chief Executive Gene LaMott, who agreed to change the chain’s traditional color scheme to move into the space. The city required retailers in the center to use subdued earth tone colors and asked that logos be “less imposing” for visitors driving by on the freeway. Target, for example, was allowed to keep its red bulls eye on the front of its store inside the parking lot, but the company changed its logo to brown on the back of the building facing the 101 freeway and on the monument sign for the center. Target, the only tenant to own its property – it paid about $11 million to purchase its 10 acres – readily agreed to make the changes, which spokeswoman Kristen Emmons said the Minneapolis-based chain has done in some other malls. “Target works closely with local officials as we enter communities. Our flexibility in store design allows us to maintain the local aesthetic of the community,” she said in an email. Selleck has a long history as a developer, dating back to 1977. He also was among the developers of a 95-acre project known as “The Plant,” which in the late 1990s transformed a Van Nuys GM assembly plant into a shopping and entertainment center. He has developed office buildings in Agoura Hills and has an ongoing industrial project adjacent to Van Nuys Airport. For now, though, he is reveling in the near completion of the Shoppes project. While most of the façade work is done, some construction still remains. He expects most tenants should be opening throughout the fall, with the remaining few spots expected to be ready by next spring. He predicts his shopping center will employ about 400 and bring in $1 million in annual sales tax revenues for the city. Target alone employs 200 and should have annual sales of $41 million based on its standard sales of $300 per square foot. “We felt like once we had Target, all of the leasing came into place,” Selleck said. “As we open the rest of our stores, we think it’s going to be the new hangout place.” Of course, nothing is assured in business. Selleck is asking from $3.50 to $5.50 a month, according to Tingus, the broker. And certainly the high end of that range is pricy even for the Conejo Valley. Jeffrey Gould, a senior associate broker at the Encino office of Colliers International, who is not associated with the project, expects the center should do well overall, especially given how the city’s other shopping centers have performed. But he also said some individual shops might strike out. For instance, Chili’s at the Promenade did not perform well and closed, as did Fox Sports Grill on Russell Ranch Road. “Those are examples of restaurants that have been trendy in the market but didn’t make it,” he said. For now, though, the center has plenty of boosters. Westlake Village Mayor Mark Rutherford was among the councilmembers who unanimously approved the project in 2012. He can’t wait for the center to fully open. “There is no question that the increase in sales tax revenue is a benefit to the city, but I also believe that Shoppes at Westlake Village is a place that our residents can benefit from and enjoy,” he said. “We have heard nothing but positive comments about its looks and the types of businesses that are choosing to locate there.”
