Everywhere you turn, new developments are being canceled or delayed. Although the byline says Sunnyvale Sun, I found this on the
SJ Mercury News website:
Quote:
Sunnyvale council votes to allow delay in Town Center project
By Cody Kraatz
Sunnyvale Sun
Posted: 11/19/2008 10:02:12 AM PST
The Sunnyvale City Council voted 4-2 on Tuesday to allow Sand Hill Property Co. to delay its delivery of completed spaces to tenants at the mixed-use Sunnyvale Town Center project, which is now marketed as Downtown Sunnyvale.
Because of the difficulty of signing leases with retailers in this economy, a 2010 grand opening is expected now for the bulk of the site's retail, entertainment and housing, rather than 2009.
Sand Hill has until December 2009 to deliver 110,000 square feet of retail space to tenants for improvements, and until March 2010 to deliver another 40,000 square feet.
"Giving this developer some latitude ... is in the best interests of the city of Sunnyvale," said Councilman John Howe.
Councilmen Dave Whittum and Chris Moylan voted no and Vice Mayor Melinda Hamilton was absent.
"We will sign leases as soon and as fast as we can, but we need some cushion in case things are slow," said Sand Hill owner Peter Pau, adding that his firm is funding construction out of pocket, not with loans, and expanding its marketing and leasing teams.
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The site plan from the
Downtown Sunnyvale website:
Level One
Level Two
Check the link for renderings and more detail.