Is Housing The Future Of CA Malls?

CALIFORNIA — These days, the mall is more than just a place to shop — for some, it’s home sweet home.

Residential space at shopping centers is a priority for many developers, according to SFGate, which recently profiled the Americana at Brand in Glendale, a $400 million project that opened in 2008 and features hundreds of luxury apartments above stores and restaurants.

The units rent about 30 percent over market rate and vacancies are rare, SFGate reported, noting at least 24 percent of tenants have lived there five years or more.

Real estate company Caruso oversaw the project and nearly all its future retail developments will involve a residential element, according to the publication.

Among other California mall projects that prioritize residential expansion are the Laguna Hills Mall with 1,500 new units, Stonestown Galleria in San Francisco with 3,500 units, Valencia Town Center with over 2,000 new units and Westfield Mission Valley East in San Diego with “a meaningful amount” of housing, SFGate reported.

Read more from SFGate.