I came across another article regarding the status of the Sunnyvale Town Center on the Square Foot blog. (I love this blog and read it all the time. He seems to know everything that's going on in the Commercial Real Estate in the South Bay.) It actually from an article from the Mercury News.
It appears that Sand Hill Property Co. (SHPC) is having problems getting financing from the banks that financed the early phases of the project. They need another $450 million in additional loans to complete the $750 million project.
SHPC is hoping that the city could help them secure construction loans by acting as a partner or backer in the deal. SHPC also hopes to get some government stimulus funds
For all you Target shoppers (my wife being one of them), the only construction that is taking place is the building of the new Target store and work related to getting it open as planned in November.
Your comments are always appreciated. Thanks for reading.
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