How sad that the Sunnyvale Redevelopment Project is yet another victim of the current economic situation. Sand Hill Properties and project developer Peter Pau, are now saying that Wachovia, the bank that financed the first stage of the project, is refusing to come through with loans for the next phase.
At this point, the only construction that is happening is Sand Hill's portion of the Target project. The store has a planned reopening in November of this year. But the 110,000 square feet of tenant improvements (projected for December) and the 40,000 of additional retail(scheduled for March of 2010) are on hold...and only a miracle, or some benefit from the government stimulus effort, can save our new downtown.
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