"The property has never in 25 years been offered on anything longer than a month-to-month lease," he said. "How much business can you set up knowing you might be kicked out in 30 days? Plenty of retailers … have been in business on Coast Highway since it was developed and never intend to leave."
Beiswenger intends for Bel Maré — which his company estimated will be worth about $80 million — to be a mainstay in the community for at least the next 100 years due to its prime location, "timeless architecture" and the durable materials used in construction.
Allied Retail joined with Santa Ana-based Red Mountain Retail Group Inc. for the project. Architect Greg Lyon said the open plaza space and boutique shop experience will attract residents.
"We want people to stay, and they're going to want to come back to the property," Lyon said. "It'll be pedestrian-friendly, with strolling and dining and shopping … reminiscent of the best shopping environments around the Mediterranean and Europe."
The intersection's heavy traffic and the relative difficulty of turning in or out of the property remains a concern for Councilman Tod Ridgeway.
"My concern is that there's too much commercial square footage at this location," said Ridgeway, who is a shopping center developer. "Traffic is going too fast by this project, number one, and number two they have underground parking, and I don't think our citizens are ready to go … underground to park in a long, narrow shopping center."
To combat traffic problems, the highway will be widened and the driveways will be cut from 13 to three, something Ridgeway said is a positive step for the city.
