Progress in Cupertino

Last week, Cupertino Economic Development Director Kelly Kline returned to our tour meeting and gave SILVAR members a brief update on commercial and residential development in the city.
There’s lots of good news about Cupertino, according to Kline. She noted Forbes magazine ranked Cupertino fifth among the top 25 best towns in which to live. Not surprising, she said, for a city with a population of 54,000 people, over 150 restaurants at last count, and a surprising amount of development activity in light of the current economic situation. Another piece of good news is the city is fiscally healthy and one of a few that is operating without a deficit for now.
“We have weathered the storm better than most cities,” said Kline.
Kline also said office vacancy is at 12 percent, one of the lowest in Silicon Valley. She explained the number looks more troubling than it really is because of two new buildings, “but everything is fairly under control.”
The 17-acre “Main Street Cupertino” project proposed by Sand Hill Properties at Stevens Creek and Finch Avenue has been approved for retail/commercial use, office space, an athletic club, senior housing, a .75 acre park and a 5-story hotel at the corner of De Anza and Alves. New stores in Cupertino include Staples office supplies, the Marukai Japanese grocery store, the organic store Yogi House, Cupertino Square’s international food court and the Visual Performing Arts Center in De Anza College. More good news is Apple Inc. continues to purchase land for its campus and lease new buildings to accommodate its work force.
Kline said while the future of the Vallco Mall is still on hold due to pending court cases, the AMC 16 Theater is doing quite well and among the top 10 of 81 theaters in the Bay Area.