Lakewood Center Mall Redevelopment: A New Era for Lakewood California Real Estate and Community Growth

In the heart of Southeast Los Angeles, one of California’s most iconic shopping centers is entering a bold new chapter. The Lakewood Center Mall has officially been acquired by a powerhouse team of developers and investors, and what comes next is more than just a remodel — it is a complete reimagination of how suburban space can serve the needs of a thriving, diverse, and future-focused community.

This transformation is expected to have a major impact on Lakewood California real estate, community infrastructure, lifestyle amenities, and long-term property values. Whether you are a local homeowner, investor, or Lakewood business owner, this project deserves your full attention.

A Historic Landmark with Deep Community Roots

Originally opened in 1950, Lakewood Center Mall has long served as a retail and cultural anchor for the city of Lakewood and the broader Southeast Los Angeles region. With nearly 150 acres of land and two million square feet of retail space, it is one of the largest single-level enclosed malls in Los Angeles County.

Home to national anchor tenants such as Costco, Target, Macy’s, and Best Buy, Lakewood Center draws more than 22 million annual visitors and consistently generates over 1 billion dollars in annual retail sales. It ranks among the top three most trafficked malls in California and among the top six in the United States.

The mall is more than just a shopping center. It is a postwar development success story and a central part of the daily lives of Lakewood families, students, workers, and small business owners.

The New Ownership: Who Is Behind the Lakewood Center Redevelopment

The property has now been acquired by a joint venture made up of three real estate powerhouses:

• Pacific Retail Capital Partners, a firm known for repositioning high-profile retail centers across the United States

• Lyon Living, a residential development leader with a reputation for creating vibrant mixed use communities

• Silverpeak, a real estate investment firm that brings capital and long-term vision to major redevelopment projects

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Together, these firms bring retail, residential, and financial expertise to one of the most ambitious community-centered redevelopment projects in Southern California.

According to Steve Plenge, CEO of Pacific Retail Capital Partners, the team’s vision is to honor the mall’s legacy while delivering a next-generation experience that meets the evolving needs of Lakewood residents.

The Vision: Transforming Retail into a Mixed Use Community Hub

The Lakewood Center redevelopment plan is focused on converting the traditional enclosed mall into a walkable, integrated mixed use community that blends residential living, retail, entertainment, green space, and wellness amenities in one thoughtfully designed master plan.

Key features of the future Lakewood Center include:

• Modern residential housing to accommodate a growing and diverse population

• Green public spaces and walkable trails designed to encourage outdoor activity and community interaction

• Elevated dining and boutique retail experiences to complement national brands and enhance lifestyle value

• Health and wellness amenities including fitness centers, yoga spaces, and open-air recreational zones

• Entertainment and event spaces to bring people together and keep the community vibrant year-round

• Transit-friendly infrastructure to reduce congestion and promote sustainability

Rather than tearing down the mall entirely, the redevelopment will weave together existing assets with new uses to create a destination that reflects the future of suburban life in Lakewood.

Lakewood City Officials Are On Board

The City of Lakewood has expressed enthusiastic support for the redevelopment. City leaders have confirmed their commitment to collaborating with the new owners and ensuring that the project reflects the values and aspirations of the local community.

City representatives stated that “The Lakewood Center has been at the heart of our community since before the city’s incorporation in 1954. This is undeniably an exciting new chapter in Lakewood history.”

Lakewood officials will be actively involved in the master planning process, community feedback efforts, and zoning considerations to ensure that the redevelopment benefits residents, business owners, and local infrastructure.

Economic and Real Estate Impact: What This Means for Lakewood California

This redevelopment is expected to be a game changer for Lakewood real estate, both residential and commercial.

Real estate and economic benefits include:

• Increased home values as walkable lifestyle amenities and new housing bring added demand

• Higher rental interest from new residents looking to live in a master planned community with modern amenities

• Job creation through construction, retail, property management, and hospitality services

• More local tax revenue to support schools, city services, and future infrastructure projects

• Improved quality of life through access to parks, wellness services, and community gathering areas

The ripple effects could stretch well beyond the mall itself, creating upward momentum for neighborhoods across Lakewood and nearby cities.

Addressing Community Concerns

Not everyone is excited about change, and it is important to address questions transparently:

• Will this be high-density, low-income housing?

  The developers have stated their commitment to designing high-quality, market-rate residential options that fit within the city’s vision and zoning requirements.

• Will traffic and parking become worse?

  The project will include updated infrastructure, modern traffic planning, and transit options to reduce congestion and improve accessibility.

• What happens to the mall stores?

  While some retail configurations may change, legacy anchor tenants and successful stores are expected to remain part of the plan, alongside new dining, shopping, and entertainment options.

This is not about removing the mall — it is about evolving it to serve the next generation of Lakewood residents.

What Happens Next: Timeline and Community Engagement

The Lakewood Center redevelopment is still in the early stages of planning. Over the coming months, you can expect:

• Community feedback sessions and city meetings

• Official release of the master plan and proposed design features

• Zoning adjustments and environmental impact reviews

• A phased approach to construction over several years

This is a long-term, large-scale development project. But the groundwork is being laid now — and the window of opportunity is already opening.

Final Thoughts: A New Future for Lakewood California Real Estate

The Lakewood Center Mall redevelopment represents a rare opportunity to reimagine suburban land use, retail strategy, and community living in one of Southern California’s most established cities.

With nearly 150 acres of centrally located space, a dedicated team of experienced developers, and a city committed to positive transformation, this project could become a model for sustainable, community-centered growth across Los Angeles County.

For residents, business owners, and real estate investors, the time to pay attention is now.

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Rick J. Lee

Realtor at ΓEA⅃ Broker

📞 Cell 714 943 1598

📋 DRE Number 02130981

🏦 NMLS Number 2561007