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New Sunnyvale Town Center?
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Posted in General Questions
Does anyone know when the new Sunnyvale Town Center is supposed to be complete? I've heard there will be a movie theater there, is that true?
10 Replies
Talking with a few local merchants, I was told the developer lost funding for the project because of the economy and also trouble getting enough tenants signed up. But I was also told the city gave them a year to explore other funding and authorized a work slowdown in the meantime, so it's not dead. Target is continuing to rebuild and Macy's is staying as-is (ugh). The city has been busy with related tasks (pre-wiring for traffic lights on Murphy, having the groundwater cleaned up after some prior dry cleaning stores, now gone). The new parking garage west of Macy's is now open to the public.
Yes, the new mall will have a 16x theater, will retain the redwood trees planted in the 1920's, and have a mix of retail, office, and living space, like Santana Row. Murphy Ave will extend through what is now the Macy's parking lot. The developer's schedule is still showing completion at the end of 2009, but I'd guess 2010, depending on financing outcomes.
Developer Notifies Sunnyvale of Project Slowdown
The developers of the Town Center redevelopment project have notified the City of a construction slowdown as they seek another round of financing for the construction. The approximately $750 million redevelopment project is converting the shuttered indoor mall into a more traditional open-air downtown environment, encompassing retail shops, restaurants and a cineplex, along with commercial office space and nearly 300 homes. Since the developer took over the project, every construction milestone has been met, and it appears the next milestone – completion of retail shells – will be completed by the due date at the end of this month (March 31, 2009). The next scheduled milestone will not come due until the end of the year.
While the developer has already invested substantial equity in the project which is now approximately 40 percent complete, an additional loan is necessary to complete construction. While this in itself is not unusual, the unprecedented condition of the global financial markets is affecting the developer’s ability to gain a new loan. The developers will advise the City of the status of the negotiations in the next 60 to 90 days.
You can keep up with official city news here: http://insunnyvale.com/blog/
-Vince
Déjà vu. Should have kept the old quirky mall. It's not like there needs to be a high-end mega-mall for every 8 square miles of Silicon Valley. There's not the money to support them.
What Silicon Valley really needs is more social gathering areas. Outdoor dining, open cafés, public performances, etc. Murphy Ave is almost there but it needs to be closed to cars so it's no so clausterphobic. The park across from the train station is exactly what Silicon Valley DOESN'T need - a sterile concrete slab that never draws anything more than a curious pedestrian or two to look at the giant ceramic fruit.
Thanks for the updates everyone. I see the new Target looking bigger every day, but not much progress on the town center. Hope it continues soon.
Sunnyvale Target now open 11-10-09.
So you were able to shop today?
I shopped at Target this morning. They opened Nov 10th 2009, 5 days earlier than planned.
Murphy St. work still on target for completion Mar 2010.
No word yet on who will finish the Town Center work, or when.
It is really nice to see the new Target open, and lights on the trees along
the new section of Mc Kinley. It gives me a bit of hope that this project
may someday be completed...
I looks like it will be a beautiful livable community if/when it does get completed!
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Check here: http://www.sunnyvale.ca.gov/departments/community+development/downtown+development