DJM recapitalizes Lido Marina Village, updates looks and stores in the center
Lido Marina Village is set to renovate the property’s 15,000 square foot boardwalk as well as 32 boat slides along the space.
DJM, a lifestyle retail center developer with offices in Los Angeles and San Jose, Calif., recently announced a $ 70 million recapitalization Lido Marina Village retail center in Newport Beach, California. Some recapitalization funds will be used to repay an existing loan; plus will be used to fund the renovation of a 15,000 square foot boardwalk on the waterfront property as well as 32 boat slides along the property’s boardwalk. The financing was assembled by Prime Finance and Arc Capital Partners, said Neville Rhone Jr., co-founder and managing partner of Arc Capital Partners.
âThe DJM team has done an incredible job of redeveloping and thanking the Lido Marina Village,â said Rhone. âThe property is the best example of a dynamic mixed-use environment, and we look forward to its continued success as a magnet for the many people who live and visit Southern California.â
The renovated promenade and slides will give more strength to the outdoor mission of Lido Marina Village. Since its official reopening in 2016, the 116,000-square-foot mall has aimed to provide its visitors with experiences that could only be achieved by visiting a DJM property, said Lindsay Parton, president of the company.
âIt has been a difficult year for our industry,â he said of the COVID-19 shutdowns. âBut people are looking for safe experiences. Having outward-centered centers is what gets people out. “
Parton predicted that people on yachting tours around Balboa Bay in Newport Beach would drop anchor on a boat slip from Lido Marina Village and spend a few hours dining at the upscale Japanese restaurant in the center. Nobu or farm-to-table restaurant Malibu Farms. They can also shop in stores such as Elyse Walker, Cynthia rowley, children’s swim shop Minnow or luxury consignment retailer The RealReal, which officially opened on February 5 and moved into a larger space, also located in Lido Marina Village, on April 15. There is a large delegation of fashion retailers at the center, including Eberjey, Faherty, Jenni kayne, Velvet by Graham & Spencer and Alchemy Works Harbor House, which was founded by Parton’s son Raan and his wife.
Lido Marina draws visitors to the affluent Newport Beach area, which also supports high profile shopping malls such as Fashion island and South Coast Square in Costa Mesa, Calif., Parton said the Lido Marina Village also receives visitors from across the Southern California area.
âPeople want an intimate experience,â Parton said. âThere’s nowhere you can go and be on the water and have an upscale, intimate experience like you can at Lido Marina Village.
Lido Marina Village is just one of many DJM properties undergoing major renovations. Last year, DJM and Gaw Capital United States unveiled plans for a $ 100 million remodel Ovation, formerly the Hollywood and Highland Retail and entertainment center that overlooks Hollywood Boulevard in Los Angeles and the Hollywood Walk of Fame.
Parton predicted that the large project would be completed in the summer of 2022 and that it would disrupt the layout of the old center. It will occupy 150,000 square feet of the centre’s expansive retail space and will be dedicated to creative office space. Approximately 375,000 square feet of the upcoming renovation will be devoted to retail.
âIt’s a diamond in the rough,â Parton said. “It’s a big, complicated project, which makes it very exciting.”
At Village Del Amo retail center in Torrance, Calif., DJM is expected to open a Hannam market, a chain specializing in the sale of Asian products. Village Del Amo is located across the street from the sprawling Del Amo Fashion Center mall.
In the summer of 2021, there are plans to open a new retail concept called Free market at Playa Vista slope, a shopping center nearby Los Angeles Intl Airport redeveloped by DJM. In 2019, the first open market store was opened in Denver and was produced by Raan Parton and his wife, who also goes by the first name Lindsay, and their business partner, Paolo Carini. The store will produce pop-ups for brands and direct-to-consumer environments for established retailers, as well as event spaces and several premier dining experiences.