The Cupertino Courier

News

New owner pledges to speed rebuilding of mall

By Crystal Lu

Orbit Resources Inc., the new owner of Cupertino Square, is pledging to invest more capital, expedite current construction and bring in new tenants.

Cupertino Square, the former Vallco Fashion Park, was once a magnet for shoppers but has declined in recent years. The effort to renovate it has resulted slow construction, which has frustrated customers.

Orbit Resources acquired the mall in September. The private investment holding company specializes in turning failing businesses around and is confident about making it happen for Cupertino Square.

"We saw tremendous opportunities in Cupertino Square when we acquired it," said Phil Liao, CEO of Orbit Resources.

"The mall has terrific infrastructure, a great movie theater and a beautiful bowling alley," said Steven Wei, CFO of Orbit Resources. "We can definitely add value to it and attract many customers."

Liao and Wei understand the ongoing construction in the mall is a major complaint from customers. To complete the construction sooner, they have hired Perkowitz & Ruth Architects, a nationally recognized architecture firm, to take charge of the project.

"We are engaging qualified and quality people to complete this project," said Wei.

Orbit Resources has also contracted with Jones Lang LaSalle, an international real estate services and money management firm, to work with Mike Rohde, the long-time general manager of Cupertino Square, in managing the mall.

Cupertino Square now has a leasing office. Liao and Wei decline to release information on the potential tenants with whom they are currently negotiating, but they say the prospect looks promising.