Aug. 15--BRENTWOOD -- The first phase of an upscale 400,000-square-foot-plus retail complex that has emerged in eastern Contra Costa County is nearly fully leased -- months before it is due to open.

The Streets of Brentwood's initial phase, which totals 313,000 square feet, is 90 percent leased, according to the primary brokers for the development.

"This project has always leased really well," said Rob Kashian, a principal executive with San Francisco-based Retail West Inc., the brokerage handling the leasing of the center.

The $125 million-plus lifestyle and entertainment project is being built by Ohio-based Continental Retail Development. The development features a multi-screen Rave Motion Pictures 14-screen movie theater. A second phase of 100,000 square feet is slated for the complex.

"This project is definitely a topic in the community," said Linda Maurer, Brentwood's city economic development director. "There's been a buzz about this for some time. The buzz intensified when the dome appeared."

Streets of Brentwood is being built despite the dreary economic landscape in eastern Contra Costa County, where foreclosures and plunging home values have battered homeowners and potential shoppers. Still, the developers have plunked down a big bet on the development's success.

Continental Retail places a value on the project "in excess of $70 million," according to spokesman Mark Winter. The price that Continental affiliate

Brentwood Specialty Center LLC paid to buy the property in June 2007 wasn't disclosed. But Contra Costa County records show that at the time of the purchase, National City Bank provided Brentwood Specialty with a construction and building loan of $125 million.

The sleek buildings that comprise The Streets of Brentwood conjure up comparisons to the sight lines of tony retail hubs such as downtown Walnut Creek and Santana Row in San Jose.

"We get calls every day from residents of Brentwood who say they are really excited about this project," Kashian said.

A number of prominent retailers and commercial operators have already been disclosed for The Streets of Brentwood.

The first round of retailers, disclosed last December, included the movie theaters, REI, Banana Republic, Victoria's Secret, Hollister, No Fear, Ann Taylor Loft, J. Jill, White House Black Market, JoS. A Banks, and Aeropostale.

Pacific Sun, Mainland Skate & Surf, The Wine Loft, Salad Makers Anchor Blue, and Rocky Mountain Chocolate Factory.

The brisk leasing ahead of the Oct. 24 planned grand opening for phase one has encouraged brokers to forge ahead with efforts to fill the next phase of the project, Kashian said. Some tenants have already expressed interest in phase two.

The Streets of Brentwood is a key piece of the city's financial mosaic. Brentwood officials are concerned that some shoppers who live in Brentwood have defected to malls and stores in Antioch, Pittsburg, Concord and Walnut Creek.

"We knew there was retail leakage," Maurer said. "We weren't capturing all of the potential revenue that we could."

Mindful of the potential for pent up demand among Brentwood residents, Kashian is convinced the development will continue to land retailers.

"We're very confident about the project's success," Kashian said.

George Avalos covers jobs, economic development, commercial real estate, finance and oil companies. Reach him at 925-977-8477 or gavalos@bayareanewsgroup.com

Tenants Rave Theater REI Banana Republic Victoria Secret Tillys Bath & Body Works Hollister Gymboree Limited Too Rubios No Fear Delias American eagle Childrens Place Ann Taylor Loft Talbots JJill Coldwater Creek Lenscrafters Chicos White House Black Market Mac Cosmetics Jos A Banks DSW Aeropostale AT&T Massage Envy Mainland Skate & Surf The Wine Loft Salad Makers Pacific Sun Anchor Blue Rocky Mountain Chocolate factory

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