More Than 70% of The Dunes Promenade Retail Center Leased
Although ground was broken and site preparation began some months ago, vertical construction is set to begin for retail buildings at The Dunes Promenade in Marina.
But already, more than 70% of the space in the Monterey Peninsula’s most talked-about outdoor retail center is spoken for. And interest in the remaining space is growing.
Demand Is Exceptionally High
The eight-building, mixed-use retail community surrounding 10th Street and General Stillwell Drive — conveniently located near the Imjin Parkway exit from Highway 1 — currently has leased 39,200 sq. ft. of the 55,300 sq. ft. Tenants include:
- Cinemark Century Marina, 23,500 sq. ft. movie theater • 100 10th St.
- The Brass Tap Marina, 3,200 sq. ft. craft beer bar and grill • 99 General Stillwell Dr. — scheduled to open in early 2024
- Well-known specialty grocer not yet named, 12,500 sq. ft. store
This leaves just 12 retail units remaining in five buildings, with individual spaces ranging from 859 sq. ft. to 1,888 sq. ft. — and the opportunity to combine units totaling more than 5,300 sq. ft. within a single building.
The Dunes Promenade will enable guests to stroll among a variety of retail shops, eateries and service and professional businesses (including medical and dental practices). The retail neighborhood is integrated into Shea Homes’ The Dunes on Monterey Bay — a master-planned community with more than 1,200 single-family homes, 500 hotel rooms and 1.5 million sq. ft. of commercial space.
The center will be connected by relaxing tree-lined, flowered paths leading to an inviting village square green. In addition to the retail and business spaces, Shea Homes will offer 13 live/work units directly above The Dunes Promenade shops.
Beyond the center’s appeal as the newest, upscale retail destination on the Monterey Peninsula, many traffic generators promise strong support for retailers as they open their doors. These include more than 1,900 newly built homes in the area with 4,500 more on the way, highlighted by Shea’s 18 planned townhomes, some with bay views, and 53 condos or flats.
The Dunes Promenade will also benefit from students from nearby California State University Monterey Bay (CSUMB), Fort Ord National Monument visitors and shoppers at big box retailers and other businesses in an adjacent regional mall.
Don’t Miss the Preconstruction Opportunities
As construction gets ready to begin, retailers and other businesses have a limited-time opportunity to customize aspects of their suites or have special utility accommodations installed — all of which can help you stretch your tenant improvement dollars.
But don’t delay. Once the foundations are poured and the walls go up (live construction cam), this flexibility will be gone. Plus, with demand rapidly ramping, this is your best opportunity to get in ahead of the crowd and choose your favorite location within our unique retail neighborhood.
Whether you’re a retailer, restaurant or service business, please contact Ralph Borelli at Borelli Investment Company or Michael Schoeder at Cushman & Wakefield today for all the details.