Aliso Viejo, Calif. — ValueRock Realty has completed the first phase of The Commons — a 21-acre mixed-use development in Aliso Viejo — with the grand opening scheduled for Dec. 14. The project is a redevelopment of a 200,000-square-foot vacant former Lowe’s property.
In addition to 200,000 square feet of retail space, The Commons will include a proposed 343-unit residential community. Retail tenants at the project include Tesla, 99 Ranch Market, Daiso and Philz Coffee, all of which are scheduled to open by the end of the year. Additional tenants, including Bowlero (a Lucky Strike concept), will open in 2025.
ValueRock purchased the first parcel for the development in 2015 for $62 million. In 2019, ValueRock negotiated a lease termination with Lowe’s that allowed for the site’s redevelopment. Construction of the project began in 2023. ValueRock self-funded the $53 million redevelopment, which has a current estimated value of more than $115 million, in its entirety.