TORRANCE, Calif. — Construction has begun on a 14,500 square-foot, free-standing space for anchor tenant CVS Pharmacy in the first phase of Storm Plaza, a new retail center on 4.2 acres located at the northwest corner of Sepulveda Boulevard and Normandie Avenue in Torrance.
.Formerly the location of Ricky & Ronnie’s Drive-in, Storm Plaza is the latest retail center to start construction in the Harbor Gateway area. The approximately 50,000 square-foot center, a project of Storm Properties, Inc., will offer a mix of retail uses, with CVS being the largest tenant
“With the improving economy, demand for quality retail space has intensified,” said Jay Ahluwalia, president of Storm Properties. “Since we started building, phone inquiries to our broker and leasing activity have increased dramatically.”
Already a high-tracked intersection of a seasoned retail corridor serving more than 193,000 daytime employees, the center is anticipated to also serve a new, 352-unit multifamily residential project to be built nearby.
The site is only one-sixth of a mile from the 110/Harbor Freeway and will offer convenient access and ample parking. In addition to CVS, Storm Properties is currently in negotiations with other prospective tenants, with expected uses to include restaurants, banking and large retail.
Storm Plaza is being built in three phases, with the next phase expected to get underway this fall, and all construction to be completed in 2014. Because one part of the project is located in the City of Los Angeles and the other portion in Los Angeles County, variations in development requirements and processing times dictated the schedule, according to Ahluwalia.
Storm Properties has been engaged in the development, management and sale of industrial, commercial and multifamily real estate for more than 40 years, having successfully developed nearly one million square-feet of industrial and commercial buildings. The company currently operates a diverse portfolio of industrial, retail, and multi-family properties and land, and is targeting significant growth through further acquisitions. Storm Western Development has built more than 400 residential units and is actively developing several residential communities in the Southern California region, including in the South Bay.
Both firms are subsidiaries of Torrance-based Storm Industries, Inc., an innovative and entrepreneurial organization with a growing family of companies. Over its 80-year history, Storm has evolved from a single brass foundry in Los Angeles to a highly diversified group of businesses operating across the globe.