New Developer Announced to Anchor Village Marketplace

From The City of San Leandro

The City of San Leandro was notified last week that developer Innisfree Ventures has reached a tentative agreement with CVS to serve as anchor tenant for the Village Marketplace retail development at 1550 East 14th Street in Street in Downtown San Leandro.

Peet’s Coffee and Tea, The Habit Burger, and AT&T are still committed to this  25,000 square foot retail project as cotenants.

CVS management has approved the project to move forward including building design, general lease terms and a commitment to close the CVS on East 14th Street and Callan Avenue.

With this news, Innisfree president David Irmer has indicated that his team will now start revising the elevation studies and the site plan for the project, work that is expected to take approximately one month. 

A formal project submittal will be provided to the City once that work is completed.

Village Marketplace was originally designed to include a Fresh & Easy Neighborhood Market as anchor tenant, but the chain announced plans to exit the U.S. market last year.

The revised plans for the project will still incorporate  construction of  generous public gathering spaces with outdoor dining areas as well as public art and quality architecture and materials.

The proposed inclusion of CVS at Village Marketplace opens up additional possibilities for investment in Downtown San Leandro. Specifically, with the closing of CVS at the prime corner of East 14th Street and Callan/Davis, a 1.5 - 2 acre parcel becomes available for a mixed use development. 

CVS would also be expected to vacate their San Leandro Plaza location when the lease expires in 2017, clearing the way for renovation of that space.  

City staff will provide additional updates on this project as new information becomes available.