It looks as though difficulty in getting signed leases will be slowing the Sunnyvale Redevelopment Project. The grand opening, originally scheduled for late 2009 is now delayed until 2010. The city council voted last week to allow Sand Hill Property Co., the Town Center's developers, some leeway in delivering completed retail space to tenants. The most promising news is that the development company is funding the project out of pocket, and not using loans. It is also expanding its marketing and leasing teams to facilitate the opening, despite the slow economy. With a growing list of retailers closing multiple branches of their stores, a time cushion seems like a reasonable alternative.
2 comments:
"It is also expanding its marketing and leasing teams to facilitate the opening"
If you build it...they will come? Good luck with that. I've been viewing this whole fiasco with extreme skepticism. The retail and realty end of the economy will look no better in 2010.
So much has changed since I wrote this post in November '08.
If you check my blog written on July 8, you'll see more up to date information.
http://bobbielemberg.blogspot.com/2009/07/sunnyvale-town-center-defaults-again.html">Bobbie's Real Estate Blog: Sunnyvale Town Center Defaults Again
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