The Source OC

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The Source OC
The Source OC logo.png
The west face of the office tower at The Source OC seen from Beach Boulevard.jpg
The west face seen from California State Route 39 in 2024
The Source OC
Location Buena Park, California, United States of America
Coordinates 33°51′35″N117°59′52″W / 33.8597°N 117.9978°W / 33.8597; -117.9978
Address6940 Beach Blvd, Buena Park, CA 90621
Opening date2016
DeveloperM+D Properties [1]
ManagementM+D Properties
Architect NBBJ [2]
No. of stores and services62 (2021) [3]
No. of anchor tenants 0
Total retail floor area 12.5 acres (5.1 ha)
No. of floors7
Website www.thesourceoc.com

The Source OC is a mixed-use development in Buena Park, California, primarily being used as an open-air shopping mall. Parts of the site are also being used as office space. The site opened in 2016 and is home to many Korean-owned businesses. [4]

Contents

History

The Source began construction in August 2012 and was developed by M+D Properties. The center was previously approved by the city, which promised to pay the developer 55% of sales tax revenue made by the project for the next 30 years, in 2010. Buena Park was chosen for its lack of large retailing centers in the area, as the nearest mall at the time, the Los Cerritos Center, was 5 mi (8.0 km) away. The mall was also seen as a comeback for the city in the entertainment sector after the closing of Movieland Wax Museum. [5] It was built on an empty field and cost about $325 million overall. [1] In April 2014, Korean entertainment agency YG Entertainment proposed a performance venue, recording studio, and nightclub at The Source called YG Land. This plan did not come to fruition. [6] [7] [8] The construction of the mall upset many residents who lived nearby. [9]

The Source opened in late 2016. [4] Despite its high budget, the mall was not able to acquire an anchor tenant. By 2018, many stores had lost popularity and M+D Properties gained $140 million in loans. [8] The hotel filed for Chapter 11 bankruptcy in 2021. [10] M+D Properties also announced that the mall is for sale in that same year. [3] [11] [12] In 2023, some of the area surrounding The Source was designated as the Koreatown neighborhood of Buena Park. [13] [14]

Features

Notable tenants at The Source include Gong Cha, Mochinut, Myungrang Hot Dog, CGV Cinemas, Covered California, Coway, Woori Bank, and Aritaum. [15] [16] [9] It contains 200,000 sq ft (19,000 m2) of office space and a four-star hotel. [5] The food court is named Grub. It features two Korean grocery stores (Hannam & H Mart), bakeries, restaurants, Karaoke spots, and a boba shop. It has faced economic challenges since its opening and was also affected by the COVID-19 pandemic. [17]

The buildings onsite were limited to 200 ft (61 m) in height to not obstruct the surrounding residential areas and planes flying to Fullerton Municipal Airport. The Source was given its name for the manmade spring that is located at the center of the site. [1] It contains the first building in the city to have a helipad, as the seven-floor office tower reaches 107 ft (33 m), exceeding the 75 ft (23 m) requirement for helipads. [18]

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References

  1. 1 2 3 Mello, Michael (August 9, 2012). "Huge Buena Park development under way". The Orange County Register . Archived from the original on April 28, 2024. Retrieved April 24, 2024.
  2. ↑ Kim, Chad (March 7, 2017). "A Detailed Look at The Source OC in Buena Park". Developing Orange County Archives. Archived from the original on December 4, 2023. Retrieved April 28, 2024.
  3. 1 2 Bushor, Alison; Staff, T. R. D. (July 22, 2021). "M+D Properties Shops Buena Park Mixed-Use Complex". The Real Deal . Archived from the original on April 28, 2024. Retrieved April 28, 2024.
  4. 1 2 Chan, Alex (March 24, 2017). "O.C.'s Koreatown: Buena Park draws residents and businesses from L.A." Daily Pilot . Archived from the original on April 3, 2024. Retrieved April 28, 2024.
  5. 1 2 "Big Idea in Buena Park". Orange County Business Journal. August 24, 2012. Archived from the original on April 28, 2024. Retrieved April 28, 2024.
  6. ↑ Ponsi, Lou (April 2, 2014). "South Korean firm gets in the act at Buena Park venue". The Orange County Register . Archived from the original on April 28, 2024. Retrieved April 27, 2024.
  7. ↑ Ghori, Iman (April 4, 2014). "Psy's management firm in entertainment deal with Buena Park mall". The Orange County Register . Retrieved April 28, 2024.
  8. 1 2 Robinson, Alicia (May 15, 2018). "Buena Park entertainment hub The Source negotiates to avoid auction though new storefronts continue to open". The Orange County Register . Retrieved April 28, 2024.
  9. 1 2 San Román, Gabriel (February 16, 2017). "Will Buena Park's New Retail Center the Source Put It on the Map—Or Be Its Biggest Boondoggle? – OC Weekly". OC Weekly . Archived from the original on April 28, 2024. Retrieved April 28, 2024.
  10. ↑ Hamanaka, Kari (March 2, 2021). "The Source Hotel Files for Bankruptcy". Orange County Business Journal. Archived from the original on April 28, 2024. Retrieved April 28, 2024.
  11. ↑ Murar, Katie (July 20, 2021). "M+D Properties to Sell Mixed-Use Entertainment Center". Los Angeles Business Journal . Archived from the original on April 28, 2024. Retrieved April 28, 2024.
  12. ↑ Sheets, Tess (August 16, 2021). "Buena Park's The Source and nearly finished hotel are up for sale". The Orange County Register . Archived from the original on April 28, 2024. Retrieved April 28, 2024.
  13. ↑ Kang, Hanna (October 11, 2023). "Buena Park unveils first Koreatown sign near the entrance of the Source mall". The Orange County Register . Retrieved April 28, 2024.
  14. ↑ Mosqueda, Sarah (March 29, 2024). "How one mall has become a culture-defining hub for Orange County's newest Koreatown". Los Angeles Times . Archived from the original on April 28, 2024. Retrieved April 28, 2024.
  15. ↑ "Official website". Archived from the original on April 28, 2024. Retrieved April 22, 2024.
  16. ↑ Williams, Maxwell (January 30, 2017). "Korean Theater Chain CGV Opens Second U.S. Multiplex in Buena Park". The Hollywood Reporter . Retrieved April 28, 2024.
  17. ↑ smosef (July 19, 2021). "The Source in Buena Park, CA is the one stop shop OC Korean Shopping Center". Los Angeles Journal. Retrieved September 30, 2022.
  18. ↑ Kheel, Rebecca (February 7, 2014). "The Source may land city's first helipad". The Orange County Register . Archived from the original on April 28, 2024. Retrieved April 28, 2024.
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