Carlsbad, CA
La Costa Town Square
2019
by TRC Retail
Two unbuilt parcels within the original master plan,
brought to their highest and best use — completing a mixed-use vision that had sat unfinished for years.
The Problem :
Two major parcels within the property's original master plan had never been built out, sitting as unrealized potential — a visible gap in the property and a missed opportunity for the retail already on site.
Two parcels the master plan never finished
Rather than defaulting to one use for both leftover parcels, each was evaluated independently for its highest and best use, then two separate plans were executed to completion, capturing all unrealized value in the process.
The
: Strategy
Finish what the mixed-use plan promised
Cinépolis Leased Entitled Property
One parcel was entitled for a movie theater to complement the property's
existing retail mix.
Once approved, Cinepolis leased the space, worked with us to construct the building,
and opened a premium movie theatre onsite to much fanfare and lasting success since.
The Improvements:
A theater on one parcel,
new housing on the other
The second parcel was entitled for new housing suited to
the surrounding neighborhood,
then sold to a housing developer.
As of 2026, the housing
is being constructed now,
according to the entitled plans.
Housing Entitled & Pad Delivered
A Fully Integrated Mix of Uses
With retail, entertainment, and housing
now all represented on site,
the property reads as a true mixed-use destination:
the theater and new housing
each bring their own built-in visitors,
who cross over
into the retail & dining already there,
completing the vision
the original master plan promised.
The Results:
A finished mix,
not a half-finished plan
Both previously unrealized parcels were brought to their full intended use,
giving the property the variety it had been missing.
The value goes well beyond just filling two empty lots:
the theater and new housing each bring their own built-in visitors,
who now cross over into the retail and dining already on site,
so the completed mix drives more activity across the whole property, not just on the two parcels themselves.
It's proof that a mixed-use plan, carried all the way through,
delivers far more value than the sum of its individual parts.
