SAN DIEGO — Fashion Valley will soon provide more than shopping. For the first time ever, you’ll be able to live at the mall.
Simon, the property owner of Fashion Valley, announced JCPenney is set to transform into hundreds of high-end residences.
A Fashion Valley first
The development would be on the far west end of the mall, nestled next to Nordstrom and Neiman Marcus. The plan is to build 850 luxury homes, the first to ever be located inside the mall.
"We are always going to have people drawn to the Coast of California, San Diego as well," said Laurie MacDonald, President of the Pacific Southwest Association of Realtors. "If you want luxury, you go to Fashion Valley."
With major changes coming to one of San Diego’s most iconic outdoor malls, your front yard could soon be steps away from Rolex, Dior and Dolce and Gabana.
"It's kinda fun to see the luxury, reminds me of Rodeo Drive, but not everyone can afford that," Hannah Lawrence said, who lives nearby.
Over the years, more and more storefronts became designer brands and soon they’ll have the housing to match.
"This is the trend for any age group, people want walkability. I love what they're doing - creating more housing, in general is great. I wish there was more home ownership opportunities there because that's really what San Diego needs," she said.
With this growth, comes the end of an era for this JCPenney location.
"I've been going to JCPenney since I was a kid," Lawrence said.
"Retail is hard right now, with all of the online shopping," MacDonald added.
Simon, the property owner of Fashion Valley says the multi-million dollar investment will intertwine high-end housing with luxury boutiques - adding the redevelopment marks a new era of sophistication and convenient living.
The units are set to have "incomparable amenities and high end finishes." There are also plans for new restaurants and open green spaces.
"I was a little surprised, because they're building some apartments, right down the road. It's going to be a lot of traffic, so yep we'll see," Lawrence said.
Given San Diego’s housing situation, I asked if a city ordinance will require any of the units to fall under the affordable housing category. In a nutshell, a certain percentage will have to be - otherwise the property owner, has to pay a fee. The City of San Diego added, they haven’t yet received an application for the project.
JCPenney is set to close next year, and then construction should be complete by the end of 2026.
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