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Palladio Mall


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#1 mjayhawk28

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Posted 08 January 2009 - 11:54 AM

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.

#2 Thunder

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Posted 08 January 2009 - 11:55 AM

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

#3 john

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Posted 08 January 2009 - 12:04 PM

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

http://www.bizjourna...20/daily57.html



#4 mylo

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Posted 08 January 2009 - 12:06 PM

QUOTE (john @ Jan 8 2009, 12:04 PM) <{POST_SNAPBACK}>
This is not surprising to me, but sad. I hope if this is the case that it gets picked up quickly.

http://www.bizjourna...20/daily57.html

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

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#5 Darthvader

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Posted 08 January 2009 - 12:08 PM

QUOTE (mjayhawk28 @ Jan 8 2009, 11:54 AM) <{POST_SNAPBACK}>
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....
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#6 4thgenFolsomite

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Posted 08 January 2009 - 12:17 PM

QUOTE (john @ Jan 8 2009, 12:04 PM) <{POST_SNAPBACK}>
This is not surprising to me, but sad. I hope if this is the case that it gets picked up quickly.

http://www.bizjourna...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. smile.gif (gotta find some silver lining)
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#7 mjayhawk28

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Posted 08 January 2009 - 01:04 PM

QUOTE (mylo @ Jan 8 2009, 12:06 PM) <{POST_SNAPBACK}>
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.

#8 4thgenFolsomite

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Posted 08 January 2009 - 01:09 PM

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?
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#9 folsombound

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Posted 08 January 2009 - 01:34 PM

QUOTE (4thgenFolsomite @ Jan 8 2009, 01:09 PM) <{POST_SNAPBACK}>
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.

#10 asbestoshills

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Posted 08 January 2009 - 07:06 PM

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.....
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#11 Ram_it!

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Posted 08 January 2009 - 07:09 PM

QUOTE (asbestoshills @ Jan 8 2009, 07:06 PM) <{POST_SNAPBACK}>
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????

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#12 Duke

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Posted 08 January 2009 - 07:37 PM

QUOTE (Ram_it! @ Jan 8 2009, 07:09 PM) <{POST_SNAPBACK}>
+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.bi.../06/story6.html

#13 webuser

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Posted 08 January 2009 - 07:58 PM

QUOTE (Duke @ Jan 8 2009, 07:37 PM) <{POST_SNAPBACK}>
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.bi.../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.

#14 Nancy

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Posted 08 January 2009 - 10:41 PM

QUOTE (Ram_it! @ Jan 8 2009, 07:09 PM) <{POST_SNAPBACK}>
+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

#15 Darthvader

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Posted 08 January 2009 - 10:48 PM

QUOTE (folsombound @ Jan 8 2009, 01:34 PM) <{POST_SNAPBACK}>
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.
...Saying what people are thinking but are afraid to say....




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