Project Category: Substantial Improvement Property
450 North E Street (Theater Square) is a potential +/-33,000 SF retail development property. Located on the NWC 4th & E Street in Downtown San Bernardino, Theater Square is occupied by Regal Cinemas, a fourteen (14) screen movie theater. Regal Cinemas is ideally located in Downtown San Bernardino, with easy access to the regional market and a major workforce population that can walk to the site. Daytime population demographics are excellent with over 42,000 people within two-miles. Regal Cinemas and the adjoining California Theatre are the main draws to the site. Theater Square offers great street visibility and is easily accessible. Theater Square offers immediate access to the 215 Freeway (Right off 5th Street exit) within minutes of the subject property.
Ample public parking is available directly adjacent to the property, along F Street and 5th Street, with short term parking directly in front of the property. Along with the +/-220 on-site parking spaces, an additional three-level public parking structure is located directly across the street, offering +/-1,134 parking spaces in the Carousel garage. An additional +/-500 spaces may be added as demand warrants at the Cal Trans Building, bringing the total number of parking spaces to approximately +/-1,854 parking spaces.
The California Theatre, a 1,700 seat historic live performance venue, is ideally located directly next door. This synergistic mix, along with plans to expand on the existing subject property with additional restaurant and retail tenants, are part of the City’s plans to revitalize Downtown San Bernardino. The downtown area is home to numerous local, state and federal government offices which draw white collar employees into the surrounding area on a daily basis. Theater Square plays a key role in the development of downtown San Bernardino.
Project Qualification: Substantial Improvement PropertyReal Estate: RetailTotal Capital Required: $8,000,000Equity Required: $8,000,000Debt Required: $1,000,000Project Control: We own all the key propertyTimeline: 30-90 daysFile: 450_N_E_St_OM.pdfAddress: 450 N E St San Bernardino California 92401 United StatesFile: renderings_Notes.pdf
The site has been fully approved for +/-33,000 square feet of restaurant and retail space. All that is necessary is staff conformance review with the City Council approved Theater Square Strategic Plan before plans can be submitted for building plan check. In order to address a market void and to catalyze development in downtown San Bernardino, the City approved plans for a +/-12,000 SF of in-line theater retail space and +/-21,000 SF of frontage pads for retail, restaurants and community space. The space in front of the theater will transition into a successful first stage retail and entertainment block that will serve as a meeting place, place for events, landmark, and a downtown San Bernardino success story. The new investor/developer will develop a comprehensive and well-executed development project. The property adjoining theater (Carousel Mall) is planned for comprehensive redevelopment in the coming years as the City of San Bernardino focuses on new development and infrastructure downtown.
The new development at Theater Square will benefit from an estimated 700,000 annual visitors to the site to attend movies and the California Theatre.