Construction to Resume on Retail Project

Construction will begin later this year on a Camarillo retail project that stalled amid the economic recession. Paseo Camino Real is planned for a 45-acre site south of the Ventura (101) Freeway and between the Camarillo Town Center and Springhill Drive. Lowe’s will be one of the anchor stores, said developer Bob Selleck of Selleck Properties. The project has been in the works since 2007, but the recession the following year dampened retailers’ interest in opening new locations. Kohl’s, for instance, initially expressed interest in the Camarillo site but then pulled back when the economy tanked. Now, the retailer is reconsidering a deal. “As the economy has improved their interest has rekindled,” Selleck said of the department store. Other retailers want to know what stores will be located in the center, Selleck said, noting he’s had steady interest from potential tenants. Most tenants prefer to sign lease deals when the project has at least two anchor stores and has locked down some smaller spaces, he said. It’s also much easier to approach a construction lender to get money to build when you have commitments from retailers in hand, he said. The development company received approval from the city to build up to 499,000 square feet, but the center will likely top out at about 430,000 square feet of retail space, Selleck said. Site work will start between September and November and will involve extending a street and making a parking lot. Construction on the buildings is slated to begin in summer 2012 with stores opening the following spring. The retail center will be located near a new Ventura (101) Freeway interchange, which is currently under construction. The interchange will provide major access to the development, and retailers see it as a way to attract more customers, Selleck said. Paseo Camino Real will be located adjacent to the Camarillo Town Center, which has a Home Depot store. Having Lowe’s close by is not too unusual because the stores cater to different kinds of shoppers, said Dave Anderson, Camarillo’s assistant director of community development. “Lowe’s is more retail-oriented (for consumers), while Home Depot has a bent toward contractors,” Anderson said. Selleck owns a 46-acre parcel west of Paseo Camino Real. He’s seeking entitlements from the city to build an industrial park.