Developer Completes Purchase of Retail Center

An Atlanta-based developer that plans to create a pedestrian promenade and revitalize the Shops at Palos Verdes has completed its purchase of the retail center.

Cousins Properties Inc. bought the mall from longtime owner Ron Florance for an undisclosed price Tuesday. The developer plans to spend $65 million to turn the center into an open-air mall with an adjacent outdoor plaza, to be called the Avenue of the Peninsula.

Cousins officials said construction is scheduled to begin in November. The mall is slated to open one year later.

“This is a great trade area,” said John Hopkins, senior vice president of real estate, who is heading up the project from Cousins’ Newport Beach office. “We believe the avenue concept will do well here.”

City officials were thrilled that the project sale had been completed.

“We’re very excited that a developer is willing to invest so substantially in our community,” said City Manager Doug Prichard. “We’re looking forward to great success.”