The Source OC explained
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.
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 away. The mall was also seen as a comeback for the city in the entertainment sector after the closing of Movieland Wax Museum. 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.[3] [4] [5] The construction of the mall upset many residents who lived nearby.
The Source opened in late 2016.[6] 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.[5] The hotel filed for Chapter 11 bankruptcy in 2021.[7] M+D Properties also announced that the mall is for sale in that same year.[8] [9] [10] In 2023, some of the area surrounding The Source was designated as the Koreatown neighborhood of Buena Park.[11] [12]
Features
Notable tenants at The Source include Gong Cha, Mochinut, Myungrang Hot Dog, CGV Cinemas, Covered California, Coway, Woori Bank, and Aritaum.[13] [14] [15] It contains of office space and a four-star hotel.[16]
The buildings onsite were limited to 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, exceeding the requirement for helipads.[17]
External links
Notes and References
- Web site: Mello . Michael . 2012-08-09 . Huge Buena Park development under way . 2024-04-24 . . en-US . April 28, 2024 . https://web.archive.org/web/20240428044532/https://www.ocregister.com/2012/08/09/huge-buena-park-development-under-way/ . live .
- Web site: Kim . Chad . 2017-03-07 . A Detailed Look at The Source OC in Buena Park . 2024-04-28 . Developing Orange County Archives . en . December 4, 2023 . https://web.archive.org/web/20231204025024/https://archives.developingoc.com/2017/03/a-detailed-look-at-source-oc-in-buena.html . live .
- Web site: Ponsi . Lou . 2014-04-02 . South Korean firm gets in the act at Buena Park venue . 2024-04-27 . . en-US . April 28, 2024 . https://web.archive.org/web/20240428044533/https://www.ocregister.com/2014/04/02/south-korean-firm-gets-in-the-act-at-buena-park-venue/ . live .
- Web site: Ghori . Iman . 2014-04-04 . Psy’s management firm in entertainment deal with Buena Park mall . 2024-04-28 . . en-US.
- Web site: Robinson . Alicia . 2018-05-15 . Buena Park entertainment hub The Source negotiates to avoid auction though new storefronts continue to open . 2024-04-28 . . en-US.
- Web site: Chan . Alex . 2017-03-24 . O.C.’s Koreatown: Buena Park draws residents and businesses from L.A. . 2024-04-28 . . en-US . April 3, 2024 . https://web.archive.org/web/20240403065117/https://www.latimes.com/socal/daily-pilot/tn-wknd-et-0326-korean-businesses-20170325-story.html . live .
- Web site: Hamanaka . Kari . 2021-03-02 . The Source Hotel Files for Bankruptcy . 2024-04-28 . Orange County Business Journal . en-US . April 28, 2024 . https://web.archive.org/web/20240428044532/https://www.ocbj.com/tourism/source-hotel-files-bankruptcy/ . live .
- Web site: Bushor . Alison . Staff . T. R. D. . 2021-07-22 . M+D Properties Shops Buena Park Mixed-Use Complex . 2024-04-28 . . en . April 28, 2024 . https://web.archive.org/web/20240428044532/https://therealdeal.com/la/2021/07/22/md-properties-looks-to-offload-600k-sf-mixed-use-complex/ . live .
- Web site: Murar . Katie . 2021-07-20 . M+D Properties to Sell Mixed-Use Entertainment Center . 2024-04-28 . . en-US . April 28, 2024 . https://web.archive.org/web/20240428044537/https://labusinessjournal.com/real-estate/md-properties-sell-mixed-use-entertainment-center/ . live .
- Web site: Sheets . Tess . 2021-08-16 . Buena Park’s The Source and nearly finished hotel are up for sale . 2024-04-28 . . en-US . April 28, 2024 . https://web.archive.org/web/20240428044543/https://www.ocregister.com/2021/08/16/buena-parks-the-source-and-nearly-finished-hotel-are-up-for-sale/ . live .
- Web site: Kang . Hanna . 2023-10-11 . Buena Park unveils first Koreatown sign near the entrance of the Source mall . 2024-04-28 . . en-US.
- Web site: Mosqueda . Sarah . 2024-03-29 . How one mall has become a culture-defining hub for Orange County's newest Koreatown . 2024-04-28 . . en-US . April 28, 2024 . https://web.archive.org/web/20240428044532/https://www.latimes.com/food/story/2024-03-29/the-source-oc-mall-epicenter-korean-orange-county-buena-park . live .
- Web site: Official website . 2024-04-22 . April 28, 2024 . https://web.archive.org/web/20240428044542/https://www.thesourceoc.com/ . live .
- Web site: Williams . Maxwell . 2017-01-30 . Korean Theater Chain CGV Opens Second U.S. Multiplex in Buena Park . 2024-04-28 . . en-US.
- Web site: San Román . Gabriel . 2017-02-16 . Will Buena Park’s New Retail Center the Source Put It on the Map—Or Be Its Biggest Boondoggle? – OC Weekly . 2024-04-28 . . en-US . April 28, 2024 . https://web.archive.org/web/20240428044532/https://www.ocweekly.com/will-buena-parks-new-retail-center-the-source-put-it-on-the-mapor-be-its-biggest-boondoggle-7901875/ . live .
- Web site: 2012-08-24 . Big Idea in Buena Park . 2024-04-28 . Orange County Business Journal . en-US . April 28, 2024 . https://web.archive.org/web/20240428044542/https://www.ocbj.com/retail/big-idea-buena-park/ . live .
- Web site: Kheel . Rebecca . 2014-02-07 . The Source may land city’s first helipad . 2024-04-28 . . en-US . April 28, 2024 . https://web.archive.org/web/20240428044532/https://www.ocregister.com/2014/02/07/the-source-may-land-citys-first-helipad/ . live .