The Sunnyvale Sun
News
Town Center project could be transferred in December
Fourth Quarter expresses regret over the proposed mall's stalled
By JASON GOLDMAN-HALL
Although there haven't been any changes to the Town Center Mall redevelopment plan, the proposed new development team--local developer Peter Pau and a financing group founded in San Francisco--has already brought a new factor to the delayed project: optimism.
On Nov. 1, the Sunnyvale City Council had a small public meeting with developers Fourth Quarter Properties, LLC, and the new team that could take over the project if the council approves a transfer of the property in December.
Pau was joined by David Wilbur representing Rreef--the real estate investment group that would finance the project--and a handful of project managers and architects who may work on the downtown.
Ron Pfohl, representing Fourth Quarter's sister company Forum Development Group, said that the possible transfer of the property was bittersweet for the company.
The possible transfer comes after almost eight months of negotiations between Fourth Quarter and the city. On March 8, the city issued a notice of
default after the developer failed to meet a number of deadlines, finally moving Aug. 14 to take over the project. According to the contract, the city could purchase the land from the developer at a fair price.
Instead of negotiating a price for the property, the council will now vote on whether to approve the transfer.
No formal decisions were made at the meeting, but each side was able to introduce itself to the other parties and several important questions were answered.
Councilman Chris Moylan originally worked on the Town Center redevelopment during his stint on the planning commission. He asked what may have been the community's most important question:
"What is it about your team that is going to enable you to get through the walls that Forum hit?" he asked Pau.
Pau acknowledged it will not be an easy project, but said he welcomed the personal challenge. "I truly feel that this is something I can handle, and I can do a good job of it," Pau said.
His architects pointed out the potential for environmentally sound "green" building practices that could be used if the project is transferred.
The city is still in the middle of its 45-day due diligence research period. City Attorney David Kahn said the city may be ready to formally discuss the project and vote on it by the second week of December.
