[mjayhawk28]

I have a friend that works for SD Deacon the contractor that is building the Palladio and he says it is getting shut down. I have not seen anything official on this so I am just taking his word. That is going to look real pretty sitting there for a while.

[Thunder]

Can't say I'm surprised during these times. Yes it will look odd just sitting there partially built.

[john]

This is not surprising to me, but sad. I hope if this is the case that it gets picked up quickly.

http://www.bizjournals.com/sacramento/stor...20/daily57.html

[mylo]

This is not surprising to me, but sad. I hope if this is the case that it gets picked up quickly.

http://www.bizjournals.com/sacramento/stor...20/daily57.html

Again, General Growth does not own Palladio, but that doesn't prove of discount this latest rumour.

[Darthvader]

I have a friend that works for SD Deacon the contractor that is building the Palladio and he says it is getting shut down. I have not seen anything official on this so I am just taking his word. That is going to look real pretty sitting there for a while.

The only answer is more palm trees....

[4thgenFolsomite]

This is not surprising to me, but sad. I hope if this is the case that it gets picked up quickly.

http://www.bizjournals.com/sacramento/stor...20/daily57.html

yes, I find it shocking and yet not suprising at the same time. Construction loans are usually phased so they get paid as the developer meets thresholds. If their prospective commercial tenants started to back out of their agreements to open retail outlets, its not surprising their financier would hem and haw about moving forward without secured tenants. With stores like Gottschalks and Mervyns going out, Borders and Macy's closing stores, and other major retailers cutting back, I would not be surprised stores like Chicos, Aeropostale, Whole Foods, etc. (all listed as tentative tenants) would want to back out. The Fountains must be suffering right now. And even if they hadn't lost a single prospect, the rental value of commercial property is plummeting. They might not even be able to make enough rent to satisfy a financial backer.

on the plus side, those nice wide streets would make a great skateboard park for a few months until things pick up again. (gotta find some silver lining)

[mjayhawk28]

Again, General Growth does not own Palladio, but that doesn't prove of discount this latest rumour.

That is exactly what my friend said when I showed him that article a few months ago, now he is singing a different tune.

[4thgenFolsomite]

so if the REIT that was financing the project is stalling, who is going to provide the financing? Doesn't Elliott own the mall development?

[folsombound]

so if the REIT that was financing the project is stalling, who is going to provide the financing? Doesn't Elliott own the mall development?

Elliott is the developer. General Growth is doing (or was doing) the leasing. Retail leasing is dying right now.

[asbestoshills]

It's not the best looking shopping center...Some of the trees I saw them planting looked half-dead and the palm trees give it kind of a desert Palmdale feeling, UNFORTUNATELY...It's definitely an eyesore......
Since when do we need a mall? How about just a movie theater, skating rink (roller and ice), indoor softball fields, bowling alley,aybe a John's Pizza and a few restaurants and call it a day....It would be an entertainment mall instead of a stupid retail center.....

[Ram_it!]

It's not the best looking shopping center...Some of the trees I saw them planting looked half-dead and the palm trees give it kind of a desert Palmdale feeling, UNFORTUNATELY...It's definitely an eyesore......
Since when do we need a mall? How about just a movie theater, skating rink (roller and ice), indoor softball fields, bowling alley,aybe a John's Pizza and a few restaurants and call it a day....It would be an entertainment mall instead of a stupid retail center.....

+1 Theres nothing of value planned ot go in there to beging with. Maybe they will level he whole place so we dont have to look at that eyesore. Outdoor mall, whose idea was that????

[Duke]

+1 Theres nothing of value planned ot go in there to beging with. Maybe they will level he whole place so we dont have to look at that eyesore. Outdoor mall, whose idea was that????

One "Scott Reynolds", apparently:

..."Elliott wants to attract two department stores and possibly a theater to anchor the center, said Scott Reynolds, a local broker marketing Palladio.

Years ago, when a more typical mall was envisioned for the site, Dillard Department Stores and Gottschalks Inc. had committed as anchors. Reynolds said it's a new ballgame now, but several retailers from the past are still interested. He wouldn't elaborate."...

from: Sacramento Business Journal, December 3, 2004

http://sacramento.bizjournals.com/sacramen.../06/story6.html

[webuser]

One "Scott Reynolds", apparently:

..."Elliott wants to attract two department stores and possibly a theater to anchor the center, said Scott Reynolds, a local broker marketing Palladio.

Years ago, when a more typical mall was envisioned for the site, Dillard Department Stores and Gottschalks Inc. had committed as anchors. Reynolds said it's a new ballgame now, but several retailers from the past are still interested. He wouldn't elaborate."...

from: Sacramento Business Journal, December 3, 2004

http://sacramento.bizjournals.com/sacramen.../06/story6.html

Luckily, they never signed Gottschalks, or it would probably be a vacant building before they opened and they would be scrambling to find a replacement.

They could just slow the building pace and cut the number of workers. A small crew could drag the construction out so it isn't completed before the economy picks up.

[Nancy]

+1 Theres nothing of value planned ot go in there to beging with. Maybe they will level he whole place so we dont have to look at that eyesore.

Well, you know that concrete structure across from Scott's Seafood on Greenback? Well, that's been around since at least the mid to late '80s. So God help us all if Palladio gets shut totally down.

I always thought that the whole "lifestyle center" vibe of the Palladio was a bad idea. To be honest though, even if it was a basic mall with Sears, JcPenney and a Cinnabon, it very well might have been on the edge of tanking too.

I really hope that it doesn't just sit there for years on end. Ugh..

Nancy

[Darthvader]

Elliott is the developer. General Growth is doing (or was doing) the leasing. Retail leasing is dying right now.

You got that right. Prepare for 2009 to be the end of many, many mall/retail spaces. Phoenix is one place that has already been hit hard, it'll be everywhere by mid-year.

[davburr]

You got that right. Prepare for 2009 to be the end of many, many mall/retail spaces. Phoenix is one place that has already been hit hard, it'll be everywhere by mid-year.

all one has to do is look around at the dozens of empty commercial places right now to agree with you..... it is really looking ugly out there

buckle down folks, this is gonna be a very rough year - the depression (not recession) is moving forward at full speed right now.

trust me, I know - I'm in need of a new job already.... and its depressing

[wellwishing]

Cheer up folks! Obama is here to save America!

Why, in no time at all, there will be tons of jobs for everyone!

Everyone that can do hard labor building a bridge, highway or road, that is.

( My wife said, "Can't you just see me in a hard hat doing welding?" I must say, the vision turned me on a little bit...but naugh. She has a bad back.)

I guess the rest of us will just have to starve.

Is it just me, or do these "Free Trade Agreements" and these "Visas" for cheap workers from abroad, need to be revised?

It's all fine and good for Obama to create these jobs but I don't think that will be enough to save us from a deep depression.

[Brightside]

I know Folsom has seen amazing growth in building of homes, retail & restaurant businesses, etc., but I've so often wondered in the past few years, where are all the jobs coming in from to support something like Palladio? Maybe I'm wrong but my thinking says the mall would have taken shopping dollars away from quite a few other retailers in town. Only because there are only so many people here and the population isn't sustaining the commercial growth as it is.
In a way, I'm not sorry Palladio isn't going to happen. I think it'll give the current small business owners in town a little more of the pie to keep to themselves, thin of a sliver as it is these days.

[davburr]

I know Folsom has seen amazing growth in building of homes, retail & restaurant businesses, etc., but I've so often wondered in the past few years, where are all the jobs coming in from to support something like Palladio? Maybe I'm wrong but my thinking says the mall would have taken shopping dollars away from quite a few other retailers in town. Only because there are only so many people here and the population isn't sustaining the commercial growth as it is.
In a way, I'm not sorry Palladio isn't going to happen. I think it'll give the current small business owners in town a little more of the pie to keep to themselves, thin of a sliver as it is these days.

Very good point, I too don't like it when giant super chain stores come in and kill the better, smaller, mom and pop stores that have been here a long time.

People always say things happen for a reason....

[c_vanderveen]

Very good point, I too don't like it when giant super chain stores come in and kill the better, smaller, mom and pop stores that have been here a long time.

People always say things happen for a reason....

Bah, "mom and pop" stores aren't better. That's why they fail. It isn't big box stores that killed mom and pop either, it's mobility. Mom and pop's existed because people either couldn't go into the big city very often or the supply chain just wasn't there to make goods widely available. If your idea of better is less variety at higher prices, then you have a point. Big box stores are like government, people get what they deserve.