National chain Dick’s Sporting Goods will likely be the final tenant to join Target at the Prefumo Creek Commons shopping center, under construction on Los Osos Valley Road in San Luis Obispo.
Madonna Enterprises, developer of the 16-acre center, is so close to a deal with Dick’s that it has moved forward with a design for the building, Madonna spokesman Clint Pearce said.
A 140,000-square-foot Target and a 5,300-square-foot Mac Superstore will be the first to officially open at the Commons on July 24, though Target’s soft opening will occur a week earlier.
A 3,400-square-foot AT&T Wireless store is expected to open in September, followed by a 7,500-square-foot Olive Garden restaurant that will open early next year.
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Dick’s Sporting Goods, the second-largest store at 36,000 square feet, will open in April or May of 2012.
The Mac Superstore, which will move from the Pacific Coast Center on South Higuera Street, will be the only locally owned business in the Commons.
Dick’s Sporting Goods operated 444 stores in 42 states as of Jan. 29, according to its annual earnings report. It reported net income of $182.1 million for the fiscal year ending Jan. 29, 2011, a 34.5 percent increase year over year. Net sales for the full year 2010 increased 10.4 percent to $4.8 billion.
Pearce said there was a lot of interest in the center’s final vacancy, but Dick’s Sporting Goods was Madonna Enterprises’ first choice because it is new to the area, and sporting goods are not yet represented in the developer’s holdings on Los Osos Valley Road.
“We’ve really tried to pick tenants that would complement the tenants across the street,” Pearce explained.
Madonna Enterprises also owns Irish Hills Plaza, with retailers such as Old Navy and Office Max just across Los Osos Valley Road. That plaza, which is near Costco and Home Depot, became fully leased when health food supermarket New Frontiers arrived in November. The plaza had previously lost tenants when national retailers Linens ’N Things and Circuit City declared bankruptcy and closed.
The Prefumo Creek Commons, which will have approximately 800 parking spots, is proceeding on budget at $32 million to develop, Pearce said. The project is expected to bring $500,000 to $600,000 into San Luis Obispo’s coffers in annual sales taxes, according to city staff estimates in 2009.
The project sits on a 31-acre parcel, of which 15 acres will be preserved as open space. Pearce added that a half-acre park at an edge of the project will allow shoppers to enjoy the nearby Prefumo Creek.