Dan Almquist always knew he would reshape Orange County’s retail landscape – it was never a matter of if, but when it would happen.
The vision came into focus in 2020 with Rodeo 39 Public Market, the 40,000-square-foot indoor food hall that transformed Stanton into a foodie destination. Then in late 2024 came River Street Marketplace, a $70 million retail and food hub that pays homage to San Juan Capistrano’s agrarian heritage.
On tap for the future is The Canopy, a roughly 90,000-square-foot retail center within the Great Park in Irvine. Tackling the experiential retail project in the famed master-planned city is a coup for the local developer.
“To have the opportunity to do development in Irvine is like our Super Bowl,” Almquist told the Business Journal.
This trifecta of projects is why the Business Journal has named Almquist as Businessperson of the Year in Orange County’s real estate industry.
Retail: One Size Doesn’t Fit All
Almquist, the CEO and principal of his eponymous company, broke into the retail real estate space about 15 years ago.
He initially worked with traditional big box tenants but eventually began focusing on local developments and taking some risks.
“I think for me, within real estate in general and definitely in retail, there’s a lot of, ‘this is the way we’ve done it,’” Almquist told the Business Journal.
“For me, it’s always trying to think if there’s a better way or if there’s a way that’s going to be better received from the consumer. It’s this lens of ‘how do you create community and create these places’ that bring people together.”
What he learned is that each community varies from city to city, and his developments reflect that – from the farm-inspired architecture of the River Street Marketplace to the contemporary influences of what’s planned at Irvine’s Great Park.
“One size doesn’t fit all,” he said. “Having the willingness to take the risk and spend the time to really understand the community that we have to work within, and cater the project to what they need, I think that’s a lot of what makes us different.”
The most important thing, he said, is getting it right for diners and shoppers.
“People can sense that we put our hearts into it, that we’re willing to make the hard decisions, willing to put in the long hours to get it right,” he said.
River Street Marketplace
In 2014, Almquist went into escrow with the Ito family, long-time owners of the Ito Nursery where River Street Marketplace recently opened in the historic Los Rios District in San Juan Capistrano.
He spent seven years working on entitlements for the property.
Almquist’s company then spent the past two-and-a-half years building out the project to ensure it fit into the community.
“The Ito family had been on that property for over 50 years and then they decided they wanted to sell, but they were also really concerned. They wanted to see something happen there that would benefit the city,” Almquist said.
Almquist’s pitch to the Ito family: “Let’s create a true gathering place for the community. It’s essentially a curated marketplace,” Almquist said, pointing out the center is home to a butcher, florist and several restaurants.
Pitching the Ito family was one thing – bringing that idea to life was another journey, in and of itself.
“It’s been this journey over the past 10 years: of listening to the community, trying to understand what San Juan wants, but also educating people on South Orange County.
There’s this idea that San Juan is an old, historic city within the county, but I think a lot has changed,” Almquist said, noting that cities like San Juan Capistrano, Dana Point and Mission Viejo have grown significantly over the past few years.
The personality of San Juan Capistrano – and Orange County, as a whole – has been constantly changing, so getting River Street Marketplace right was a top priority for Almquist.
“A lot of families (have moved) south, looking at it from that lens and figuring out how to do something that was really unique yet referential to the community,” Almquist said. “You go there, and everyone loves the tenants that we brought in, but it’s also the format.
There’s a lot of communal space. You see kids running around; you see families. I think we accomplished what the goal was. It just took a while to get there.”
Almquist had to be patient, but the waiting game was worth the time. The result was a mix of tenants made up of OC newcomers and local favorites, such as the first brick-and-mortar outpost for the retailer Seager.
“Long journey, but for me it’s very personal. I live in San Juan. We’re doing other things in the community. There was no way that I was not going to get that done. There’s no way that we weren’t going to follow through and deliver what we promised the community,” Almquist said. “That’s probably the most gratifying thing.”
Retail for Great Park Neighborhoods
Almquist is also developing a retail and lifestyle center at the Great Park Neighborhoods.
He recently closed on a $21.3 million purchase of land at the Great Park Neighborhoods overseen by Irvine’s FivePoint Holdings (NYSE: FPH), according to property records.
Almquist will build The Canopy, spanning between 85,000 and 90,000 square feet and using the same community-centric formula in San Juan Capistrano.
“We’re going to bring in a traditional grocery store, but then we also have a component of it that’s similar to River Street, where it’s individual building. It’s this highly curated outdoor space, again, really encouraging people to come, get out of their cars, spend time. Just a different format of what people would expect from a retail shopping center, where you’re essentially almost driving from store to store.”
“A lot of the lens for us is families and this idea of really trying to create a community,” Almquist said.
It’s unclear when it will be built as the project is still in its planning stages.
