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 Innovation at Work > Westfield UTC Expansion

 

Project: Westfield UTC Expansion
Client: Westfield Corp
Location: San Diego, CA

 

WHY IT MATTERS
Vertical expansion and increased entertainment space are reshaping traditional malls in order to attract more shoppers.

CGS3 represents Westfield in connection with the redevelopment of Westfield UTC — a project that will double the total amount of leasing space at the shopping center.

One of the most significant aspects of the project is the relocation of the existing Nordstrom store to a new building that will be built on an air-rights parcel over a new parking deck. The parking deck will be constructed on an existing ground-level parking lot.

CGS3 handled all aspects of the documentation, which included an air rights agreement with Nordstrom and additional agreements with the other major stores in the shopping center who must sign off on the development.

The deal involves a creative transfer structure between Nordstrom and Westfield. Westfield owns the parking lot and will subdivide the parking lot to create the air-rights parcel. Nordstrom owns its existing building and the underlying land. The parties will do an exchange for the air-space parcel and the existing Nordstrom building and land. Westfield will construct the new parking deck and Nordstrom will construct its new building on top of the parking deck.

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