George Argyros, former U.S. ambassador to Spain, is making his first big real estate play here since returning to Orange County in the fall.
Argyros’ Arnel & Affiliates of Costa Mesa plans to turn a former Super K in La Habra into a 220,000-square-foot shopping center. He’s teaming with Irvine-based Hopkins Real Estate Group on the deal.
“I love the real estate business and I love Southern California,” Argyros said.
The development partners plan to renovate the site’s existing 180,000-square-foot building and build another 40,000 square feet, according to David Ball, president of Arnel & Affiliates.
The developers are in talks with a couple potential tenants, ac-cording to Ball. They plan to wait to sign a lease or two before starting construction, he said.
Brian Hopkins, vice president of Hopkins Real Estate, said he hopes to have city approvals by fall and to start moving in retailers by early next year. Hopkins is set to manage the day-to-day stuff, he said. Hopkins Real Estate has partnered with Arnel on three other projects.
The partners last month bought the 17.1-acre site at Imperial Highway and Idaho Street. The price wasn’t disclosed.
Shopping centers have been hot for the past few years. Arnel and Hopkins likely paid top dollar, since the site is near existing shops and faces busy Imperial. The center is set to draw shoppers from La Habra, Fullerton and neighboring Whittier and La Mirada.
Kmart Corp.’s Super K did brisk sales, according to Hopkins. The store was shuttered in early 2003 as part of a restructuring after the company filed for bankruptcy in 2002.
Various plans have come up for the site, which now is empty, boarded up and graffitied.
Last year, One Properties in Los Angeles worked to lease the site for former New York-based owner La Habra Galleria LLC.
The plan was to create an indoor Asian mall, something the city frowned on in hopes of landing something more upscale.
Hopkins also is developing a 110,000-square-foot shopping center in San Clemente and two in Riverside County. It should start construction on all three next year.
Argyros has developed other shopping centers, including Metro Pointe in Costa Mesa. His company owns and manages 5,400 apartments in OC and more than 2 million square feet of office, industrial and retail space.
In 2001, President Bush named Argyros ambassador to Spain after he played a key role in the president’s 2000 California campaign.
Argyros resigned his ambassadorship in November, after Bush’s re-election. He returned to OC, where he is chairman, chief executive and owner of Arnel.
The company continued to do deals in his absence, under the leadership of Ball and others.
Argyros, who lead the effort for an El Toro airport in the 1990s, also has gotten back into politics since returning. He helped raise $3 million for Gov. Arnold Schwarzenegger, during his March visit to Irvine.
“Our governor is doing a great job,” Argyros said. “The unions have been extremely strong. It’s not easy for any governor. Certainly, he’s tackling so many issues that need to be tackled.”
Argyros said he became good friends with former Spanish prime minister Jose Maria Aznar. They both recently spoke at the University of California, Irvine.
“He was a very remarkable leader and one that I have the highest esteem and respect for,” Argyros said.
