Irvine-based Space Investment Partners recently launched the major multi-million-dollar redevelopment of Back Bay Center, a 59,000-square-foot mixed-use retail and office property located at 2651-2675 Irvine Ave. in Costa Mesa. The firm acquired Back Bay Center in 2019 and will rebrand it as The Ranch at Newport Bay.

The 1980s-era center will be redesigned as a modern farmhouse with a “splash of beach chic” and capitalize on the views of the Upper Newport Bay Nature Preserve and Ecological Reserve. Construction began at the end of May with completion expected by November 2021.

“This center benefits from a great location at the border of Costa Mesa and Newport Beach. While it has served the local community well over the years, we knew that there was more potential to increase the customer experience and enhance the tenant base. Overall, our design adds to the vibrancy of the center and local community which is so critical to retail success today,” said Ryan Gallagher, co-founder, Space Investment Partners.

The center is anchored by specialty grocer Irvine Ranch Market which has been located at Back Bay for almost 40 years. With the redesign, the market will expand by 2,500 square feet for a total of 17,500 square feet, and undergo a complete interior makeover. David Wong and his partner Robin Kramer purchased the market in 2000.

Space Investment Partners will be announcing several new tenants to the center in the near future. Additional leasing opportunities are still available for retail, medical and office users.