Baltimore-based Prime Group this summer began marketing a planned outlet center 45 miles east of San Francisco, to be called “Prime Outlets–East Bay,” in Livermore, Calif.
San Francisco has the highest median household income in the U.S. at $62,024, and six of the 100 counties with the highest per capita income in the nation are in the area.
“More than 5 percent of all households in the area have at least $1 million in assets,” according to Prime.
Livermore is a city in Alameda County, with a population of 73,345, according to the 2000 Census. That’s up 27.8 percent from 57,352 people in 1990.
Population within 10 miles of the center is 250,238, according to Prime, rising to nearly 1.4 million within 20 miles. Within 30 miles of the center live 4.1 million people, the developer says, and at 60 miles, the population rises to 8.6 million.
Average household income within 10 miles of the site is $135,051, dipping to 110,022 within 20 miles, Prime says. That number falls to $108,130 within 30 miles of the property, and to $99,534 within a 60-mile radius.
Homes in the area reflect the hot California market, with an average home value of $807,988 within 10 miles of the site. That falls to $666,847 within 20 miles and to nearly $700,000 within 30 miles. Average home value is $643,060 within 60 miles of the Livermore site.
Traditionally, Livermore is considered the easternmost city in the San Francisco bay Area before entrance to the Central Valley.
The vacant parcel where Prime plans to build a 450,000-sf outlet center is on I-580, 21 miles west of Tracy, Calif. Interestingly, the only other outlet center in the market is in Tracy, and that center is also operated by Prime Retail. A timetable for the opening of the Livermore project has not been announced. The Livermore outlet center will be Prime Retail’s first new-construction project since 1998 when it opened centers in Lebanon, Tenn. and Hagerstown, Md.
The interstate is busy: 188,000 cars pass the site daily on I-580, according to Prime Retail.
“The East Bay area itself is home to more than one-third of all jobs in the San Francisco Bay area, and since the mid-1980’s the area has been the fastest growing area in the region,” according to Prime Retail.
The region is regarded as the new epicenter for high-tech business.
“More than 50,000 people are employed by more than 5,000 businesses located just five miles from the proposed Prime Outlets–East Bay site,” the developer says.
It also has a sizeable tourism draw. “In addition, the shopping center site is located within the wine country where more than 500,000 people visit the vicinity each year,” according to Prime.
