CARLSBAD — On any given day, the shopping center on the corner of La Costa Avenue and El Camino Real is mostly empty.
The La Costa Town Center, as it used to be called, has switched hands many times over the years.
It was once home to a Vons and now houses a Bank of America.
Linwood Ventures announced the company will be rebranding the center as “The Beacon” and is investing $15 million for renovations.
“This project was in desperate need of capital infusion and a fresh tenant mix,” said Scott Schonfeld, principal of Linwood Ventures, which acquired the property in a joint venture with Centennial Real Estate Company and Angelo, Gordon & Co. in October 2014.
Linwood announced the new shopping center will be anchored by Equinox, an upscale fitness club.
Equinox clubs can be found throughout the U.S., and the Carlsbad location will be the first in San Diego.
“We are excited that Equinox has chosen The Beacon as the springboard for its expansion into San Diego. It’s the perfect anchor for the unique community gathering place that we’re going to create,” said Schonfeld.
The athletic club will occupy the former Vons building at 31,000 square feet and will offer services from personal trainers, a spa and state-of-the-art fitness equipment.
The rebranding of the center will include the addition of parklets and outdoor dining services.
Dining options will include a mix of fast-casual and full-service dining.
Linwood Ventures also looks to include boutique style retail stores and specialty neighborhood services.
“Given the scarcity of upscale retailers and restaurants in this community, there is a growing demand for boutique retail centers like The Beacon,” added Don Moser of Retail Insite, the project’s leasing broker.
Construction begins in fall and will likely be completed by the end of next year.
The upscale retail shopping center joins other upscale retail projects in the works for next year.
Carlsbad City Council recently approved a 27-acre shopping center on the site of the strawberry fields proposed by developer Rick Caruso, who is responsible for The Grove and The Americana in Los Angeles.
That project will likely be complete in 2018.