Changes continue at Triangle Square

Deirdre Newman

The revolving door of management at Triangle Square is swinging again

as Mary Korkodian has replaced Operations Manager Stephanie

Demartinis.

The shopping center, located at the corner of Newport Boulevard

and 19th Street at the end of the Costa Mesa Freeway, has struggled

since its 1992 opening. It is part of the Downtown Redevelopment Zone

and was built as a result of eminent domain.

Demartinis came aboard in October of 2002 and left to pursue

another opportunity, Korkodian said. Tom Estes, the center’s general

manager for three and a half years, left in May 2002. In December

2001, the contract of marketing director Corrie Abbs was terminated.

She was the sixth marketing director in four years.

With the latest change, some city officials are wondering if there

will ever be any long-term stability in the upper ranks.

“Surprise, surprise, surprise,” said Planning Commissioner Bill

Perkins. “I wish [Korkodian] all the best, but there’s gotta be some

serious changes in the upper management philosophy for that to

actually work.”

Korkodian disputed claims of a high turnover rate.

“I don’t think the turnover rate is as high as people have been

claming it is,” she said.

Korkodian, who was elevated to her new position in early

September, will be responsible for the daily operations of the center

as well as coordinating and hosting events and attractions to entice

the community to Triangle Square.

She received a bachelor’s degree in criminology from UC Irvine and

is in the process of receiving her real estate license.

As the previous assistant property manager for the center,

Korkodian supervised 10 on-site security and maintenance personnel

and helped with preparing the annual property operating and capital

budgets. She also assisted in coordinating activities at the

property.

“I assisted [Demartinis] in events like ‘Fair at the Square’ and

weekend entertainment,” Korkodian said. “I will continue with other

events like that and am hoping to get more events in the very near

future.”

Korkodian said the center is in the middle of a reorganization

effort and the management is trying to prioritize its goals to

reflect a “more personalized touch.” About a month ago, it decided to

take over the leasing program to have more creative control,

Korkodian added.

Over the summer, General Manager David Yoon touted the center’s

prior leasing agent, Festival Companies, which succeed in finding

tenants for Costa Mesa Courtyards across Harbor Boulevard. The plan

then was to attract destination restaurants and build the center

around a fitness theme.

The center is now trying to attract destination restaurants and

build them around an entertainment client, Korkodian said.

Triangle Square is anchored with big-name tenants like Nike Town

and Barnes & Noble, but has had trouble maintaining its occupancy

rate. It has a 70% occupancy rate.

Steele Platt, founder and CEO of the Yard House Restaurant, a

tenant for the past four years, blamed the owners for the instability

and low occupancy rate.

“We’re used to [the managers changing],” Platt said. “It’s like

the changing of the season...[The owners] can’t make their minds up.

They’re always looking for the greener pasture. They don’t get it.”

The shopping center is owned by Triangle Square Investments LLC.

Yoon, who represents the company, could not be reached for comment

Tuesday.

James Raven, who is building the Vegas nightclub across the street

from the center at 1901 Newport Boulevard, was involved in

negotiations with Triangle Square for more than a year-and-a-half

before they fell through.

He said only one thing can help the management situation at the

center.

“Nothing is going to change at Triangle Square until they have

somebody on-site capable of making binding decisions,” Raven said.

* DEIRDRE NEWMAN covers Costa Mesa and may be reached at (949)

574-4221 or by e-mail at [email protected].