World Oil and Trammell Crow Company Unveil Bakersfield Commons
Los Angeles, CA
| October 17, 2017
New Lifestyle Center Will Serve as the Gathering Place for Bakersfield
LOS ANGELES, CA – World Oil Corporation (World Oil), California’s leading recycler of used motor oils and antifreezes as well as the dominant producer of graded paving, roofing and related asphalt products and appointed master-developer, Trammell Crow Company (TCC), have officially unveiled plans for Bakersfield Commons, a new pedestrian-oriented, master-planned mixed-use community located in the heart of Bakersfield, California. The 260-acre project will include office, retail, residential, recreational and industrial space, as well as a wellness campus. Construction will begin in 2018, with the first development pads delivered in late 2018 and anticipated delivery of Phase I in 2019.
The overall project is the result of years of planning, guided by the long-term vision of World Oil, who has owned the property at the corner of Coffee Road and Brimhall Road for nearly 50 years. The community received Bakersfield City Council approval with a unanimous vote in December of 2016 and has since been underway with design and active in pre-leasing. The fully-approved entitlements for the Commons include: 400,000 square feet of office, 300,000 square feet of retail, 280,000 square feet of light industrial, more than 1,000 residential units, and a 200-bed hospital.
Phase I plans call for 220,000 square feet of retail, 120,000 square feet of Class A office space, 325 resort style residential units, a 130-key national branded hotel, and 2.2 miles of walking paths.
Bakersfield Commons best-in-class design features a lifestyle retail center with shops and restaurants opening onto landscaped patio areas, serving as the new gathering place for Bakersfield and allowing the community and visitors alike to enjoy a variety of dining and entertainment options, including national restaurants and, local eateries. The project is embracing passive retention for storm water management, which utilizes landscape areas to naturally filter rainfall. Each area of the project is connected by walking paths, flanked by drought tolerant plants creating a walkable, livable master-planned community.
World Oil Corporation leadership team has played an active role in the shaping of Bakersfield Commons. The Roth family is dedicated to creating a sustainable project that will be one of the preeminent communities in Bakersfield to live, work, and play for decades to come. With street names such as Heritage Avenue and Legacy Drive, brothers Bob and Steve Roth envisioned a project that will aligns with their core values and serve as a legacy for the family.
“The project is located at Bakersfield’s epicenter, where the entire city can come together to live, work and play in one destination with outstanding amenity areas, parks, and pedestrian pathways,” said Abbey Ehman, Senior Associate with TCC’s SoCal – Los Angeles Business Unit. “Thoughtfully designed in line with Word Oil and TCC’s commitment to sustainability and wellness, it provides the widest variety of recreation, retail, entertainment, dining, office, light industrial, healthcare, and residential offerings.”
With a 75-year track record of business success, Robert and Steven Roth carry on their parent’s legacy, operating a business that recycles, produces, and transports vital petroleum-based and related products throughout the state. Bakersfield has been the home base for World’s petroleum transportation company for decades. World Oil is proud of their leadership within the industry to deliver sustainable, end-to-end solutions that are sensitive to the local community and the environment. World Oil’s development of the Bakersfield Commons continues their commitment to enhancing the communities in which they live, work and play.
“We are excited to share that we have increased the initial offering, and now plan to include a hotel and recreation site in our first phase,” added Ehman. “Nearly 25 percent of the lifestyle retail is pre-committed, including a luxury theater that will offer 12 new state-of-the art movie screens to Bakersfield.”
Vincent Roche, Duane Keathley, and Josh Sherley with PACCRA will manage leasing for the project. Senior Managing Director Brad Cox and Senior Associate Abbey Ehman will executive oversight and development leadership for the project on behalf of TCC.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of June 30, 2017, TCC had $5.9 billion of projects in process and $5.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed-use projects.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). For more information, visit www.TrammellCrow.com.