Retail developer Almquist’s River Street Marketplace is a few months away from completion, as construction enters final phases and the last of the leasing is wrapped up.
Originally scheduled to debut this fall, the developer recently moved its opening to January 2024. More than 20 tenants have been announced for the marketplace, which is in the heart of San Juan Capistrano’s historical downtown.
Dan Almquist, founder and chief executive of the namesake development firm, previously known as Frontier Real Estate Investments, noted there had been unforeseen extensions and slowdowns in development that caused the delivery date to be pushed out. Tenants had experienced similar issues as well.
“Once you acknowledge the new date, it does allow you to take a bit of the pressure off,” Almquist told the Business Journal.
Almquist is no stranger to waiting.
January will mark almost 10 years of waiting for the River Street “vision” to come to life, according to the developer, who calls SJC home.
The former Ito Nursery lot was sold to Almquist in 2017 and the proposal for the marketplace was approved in 2019 by the city council after several edits to site plans and design elements were made to help ease resident concerns.
Four years later, it is now among the largest ground-up retail centers currently under development in Orange County, spanning 60,000 square feet with a focus on first-to-market tenants and specialty stores.
The area will feature new dining concepts, a full-production brewery, a butcher shop, and more.
“We don’t have any overlap in terms of the offerings,” Almquist said. “I want this to feel unique to San Juan Capistrano by having tenants you can’t find everywhere else.”
Final Touches
The center was designed to have a more “thoughtful” collection of offerings each with a “compelling story,” Almquist said.
River Street has another 10 or so tenants in the works. The firm aims to have a full roster of around 30 shops finalized by the end of the year.
Many of the tenants will be opening their first-ever locations in OC.
“Everyone needs a start,” he added. “And they’re seeking us out.”
Brokers have noted a high demand from first-time tenants actively looking to establish a presence in OC, despite low retail vacancy rates, to attract the region’s supply of upscale consumers.
Another company looking to bring new options into OC is Northgate Market with its new food hall concept called Mercado Gonzalez. The marketplace will span almost 70,000 square feet in a former Albertsons space on Harbor Boulevard and Wilson Street with more than 20 stalls set to open this month.
The Costa Mesa center will house grocery stands like a butcher shop, food and drink offerings, fine dining and shopping, with some concepts originated from Mexico.
Tenant Roster
Upscale Mexican restaurant La Vaquera, by Santa Barbara’s Acme Hospitality Group, is opening its first location in OC at River Street. Seventy-year-old McConnell’s Ice Cream will also add its first OC location.
Chef David Pratt will bring his newest dining concept to San Juan Capistrano, called Finca.
San Clemente-based Seager, a retailer of western and surf apparel, is set to debut its first brick-and-mortar store at River Street.
Hailing from Long Beach, Ubuntu Café will make its OC debut at the marketplace next year as well.
Local favorites will also be featured, including new eateries derived from local Chef Michael Campbell and Dana Point’s Jon’s Fish Market.
