Pau said his company remains strongly interested in buying the Oaks Shopping Center and is undergoing the process of "due diligence."

"It's like waiting to get clearance from the bank on a check," explained Dave Knapp, Cupertino's city manager. Knapp welcomed the possibility of a Pau ownership, but also cautioned that the sale is not final. "Right now they basically have first choice if everything is cleared," Knapp said.

Cupertino Mayor Sandra James also said she was hopeful the sale would go through. "The Paus' interest is good news," she said. "They have been very, very successful in taking on outdated properties and making them successful."

James pointed out the Paus' success with the Cupertino Village Shopping Center. Cupertino Village, once in the process of dying, is now a thriving retail center and is especially popular with the area's Asian community.

Pau would not comment on what he had in mind for the Oaks, providing the sale goes through, but said he would encourage more local ownership and more retail outlets. In recent years, the Oaks has moved away from retail businesses and added other establishments, such as a fitness center.

This trend is just one of the recent changes at the Oaks. Once a popular gathering spot in Cupertino, the Oaks has struggle to stay successful. Other attempts to revive the shopping center have also not gotten off the drawing board.

A popular bookstore at the shopping center closed in 1997. In 2003 the once popular Oaks movie theater closed after 25 years of operation. Proposed development projects, including an Andronico's grocery store and a mixed-use housing/commercial project last March, have also fallen through. In October of this year, De Anza College also briefly considered purchasing the property, before deciding it would be too expensive.

James said neglect by previous owners also hurt the Oaks. "The [previous] out of state owners didn't pay any attention to it," said James, while adding that a poor economy that began in 2000 also affected the shopping center.

"It can become a viable center again," said James. "It needs someone local who knows retail and certainly the Paus' do. They have a good history behind them and that is very, very positive."