The Allen Group Forms Joint Venture with FKM Associates to Develop Regional Mall in Bakersfield
SAN DIEGO, CA (July 20, 2006) — The Allen Group, a major developer of industrial and office properties across the western United States, and FKM Associates, LLC, have formed a joint venture to develop a regional mall with a hotel and office component on a 155-acre site in Bakersfield, Calif., one of the fastest-growing cities in America.
Detailed site planning should be completed by the end of the year, with construction potentially able to start in mid-2007.
“Bakersfield is booming, with a diverse economy generating way above average job growth and demand for housing,” said Edward B. Romanov, Jr., President and Chief Operating Officer of The Allen Group. “This joint-venture development is a response to the incredible demand we see for a regional retail, office and hospitality center that well serves the needs of the community and companies doing business there. The mall will attract additional visitors to the area, which should be further boost the local economy.”
The site fronts on Rosedale Highway (Highway 58), which is one of the busiest roads in Bakersfield, and is near Highway 99, a major north-south artery.
Partly in anticipation of the project, the city of Bakersfield plans to widen Rosedale Highway to six lanes and extend Mohawk Road as a six-lane divided road. Also there are plans to extend Mohawk Road across Rosedale Highway and through to the middle of the property, instead of ending south of the site as it does now. A traffic signal is planned for the intersection of Mohawk and Rosedale.
Bakersfield is one of the hottest and most up-and-coming cities in the United States, according to Inc. magazine’sannual ranking of “The Best Cities For Doing Business,” which appeared in the May 2006 issue. The annual report evaluated 393 population centers across the nation, identifying job creation, signs of business vitality and the extent to which cities have an overall strong, growing economy. Based on these criteria, Bakersfield is ranked 10th among midsize cities and 41st overall in the large metropolitan area category. Bakersfield is creating jobs at one of the fastest rates in the nation, Inc. said.
Michael Kranyak, president of San Joaquin Facilities Management and a partner in FKM Associates, LLC, added, “We’re pleased to be doing business with The Allen Group, a first-class outfit that knows the San Joaquin Valley well. We see a lot of potential and promise for this new development; it’s exciting to be a part of Bakersfield’s new energy and growth.”