Correction: An earlier version of this story incorrectly said that San Luis Obispo’s Target store will cost $32 million to develop. The entire project, which includes a 36,500-square-foot retail store and three smaller stores, will cost $32 million.
San Luis Obispo’s Prefumo Creek Commons retail project — including a Target store slated to open in summer 2011 — will cost $32 million to develop.
The 140,000-square-foot store will sit on a 10-acre parcel sold to Target by Madonna Enterprises, according to broker Lee and Associates, who handled the deal for Irish Hills Plaza East LLC. Clint Pearce, spokesman for Madonna Enterprises, would not disclose the sale price.
The total size of the Prefumo Creek Commons project is 31 acres. In addition to Target, it includes a 36,500-square-foot retail store and three smaller stores in the 3,000- to 7,400-square-foot range. The Madonna family will develop this portion of the shopping center.
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“We are working with tenants on all the available space, but I can’t announce them yet,” Pearce said. “If all negotiations come through to the finish line, all of the available space will be filled.”
The offerings will include a sit-down restaurant, possibly an Olive Garden, and various retail spots.
Prefumo Creek Commons is directly across from the Irish Hills Plaza shopping center at Los Osos Valley Road and Froom Ranch Way.
The project is expected to bring $500,000 to $600,000 into San Luis Obispo’s coffers in annual sales tax, according to city staff estimates in 2009.
Project grading started in April. “We are right on schedule,” Pearce said. “The plan right now is to have the store open by July of next year.”
— AnnMarie Cornejo
Improvements to the SeaCrest Beach Resort in Pismo Beach has garnered the hotel a triple “A” diamond rating from AAA.
Tourists rely on the motor club for its hotel ratings.
The 158-room hotel along the bluffs of Pismo Beach has new creature comforts, including WiFi Internet access, 32-inch flat-panel HDTVs, in-room DirecTV receivers and iPod docking stations.
The SeaCrest Beach Resort, at 2241 Price St., is managed by Central Coast of California Hospitality LLC.
— Melanie Cleveland