Mall wants 100% by summer

Deirdre Newman

The leasing director for Triangle Square has set a daunting challenge

for his management team: achieve 100% occupancy by the summer of

2004.

To achieve that ambitious goal, Leasing Director David Yoon is

launching a new multimillion-dollar leasing program that aims to woo

“diverse, destination-oriented tenants.” Anticipating success, it has

scheduled a grand re-opening for June 2004.

Yoon threw down the gauntlet to his staff after getting involved

in the leasing process in mid-September.

It already has renewed leases with two tenants, and a Beverly

Hills-based steakhouse has come on board.

“We have committed reserve funds to attract and maintain a certain

type of client,” said Yoon, who is with Triangle Square Investment

LLC.

Although it is anchored by big-name tenants Nike Town, the Virgin

Megastore and Barnes & Noble, the center has struggled to fill its

prime downtown space. It has a 70% occupancy rate. There has been a

high turnover rate in management positions with new Operations

Manager Mary Korkodian replacing Stephanie Demartinis in early

September.

City officials remain hopeful that Triangle Square can break out

of its doldrums.

“I wish them all the best in that effort,” Planning Commissioner

Bill Perkins said. “They have some very unique challenges that face

them. But I think the new [manager] and the upper management are in

line with each other. It could be accomplished.”

The 191,000-square-foot shopping center, that dramatically

punctuates the downtown, landscape was built in 1992. It is part of

the Downtown Redevelopment Zone and was built as a result of eminent

domain.

In the past year, Whole Foods and North Face have abandoned the

center, although the basement area Whole Foods occupied couldn’t be

marketed for a few months because it was still paying rent on its

lease, Yoon said. The center bought it out in August, Yoon added. He

is reviewing a letter of intent from an “active lifestyle” tenant to

replace them.

Last month, Yoon took the leasing operations in-house. A flurry of

activity has ensued.

The center has renewed its leases with GNC and Barnes & Noble, and

Virgin has submitted a renewal for its lease. Yoon said he couldn’t

divulge the name of the steakhouse yet, but that it would occupy

about 5,200 square feet of the center. Negotiations are also underway

with a bar lounge to spice up the area where La Salsa used to be.

Fugu Restaurant is under construction and hoping to open by New

Year’s Eve.

“Once we have all those things, I think by early next year, we

should be in the 90% [occupancy] range and 100% [occupancy] in June

of 2004,” Yoon said.

To enhance its prominence, the center will also install a new

monument sign to highlight some of the new tenants and the square

itself. A water fountain in the middle of the top level and a big

tent or awning project is also under consideration, Yoon said.

Perkins encouraged the Triangle Square staff to enlist the help of

the community.

“They need to work on being team players and getting the community

involved, whether the community means right here on the Westside or

the west side of town or even north Costa Mesa,” Perkins said. “It

doesn’t matter where it is.”