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| Sunnyvale Town Center ： ウィキペディア英語版 |
Sunnyvale Town Center
Sunnyvale Town Center was a 36-acre〔 two-level shopping mall located in Sunnyvale, California, USA. It was anchored by Macy's, Target, and J.C. Penney. As of August 2015, only the Target and Macy's stores remain operational: much of the mall consists of a construction site on which work was stalled from 2009 to 2015 a result of a legal dispute. In August 2015 the litigation ended, and Wells Fargo announced that it sought to sell the mall to a developer.〔http://www.bizjournals.com/sanjose/news/2015/08/13/sunnyvale-town-center-officially-for-sale-as.html〕
==History==
The mall, bounded by Mathilda Avenue, Washington Avenue, Sunnyvale Avenue, and Iowa Avenue, opened in 1979. Over the years, the development went through a series of owners who either defaulted on loans, or were sued for breach of contract. During that time, the mall fell into decline with changing tastes of shoppers and the emergence of newer and larger competitors. Finally, in 2007, new entities named "Downtown Sunnyvale Mixed Use LLC" (DSMU) and "Downtown Sunnyvale Residential LLC" (DSR) took over the mall. DSMU and DSR were partnerships between Silicon Valley developer Peter Pau's Sand Hill Property Co. (which owned about 5%), and RREEF, a real-estate management business owned by Deutsche Bank (which owned the remaining 95%). DSMU/DSR's goal was to redevelop the mall into a high-end retail, residential and office development similar to San Jose's successful Santana Row.〔https://www.baycitizen.org/news/real-estate/sunnyvales-town-center-goes-sale-nobody/〕 Plans for the projected development, which would have included a movie theater, remain on the City of Sunnyvale's website.〔http://sunnyvale.ca.gov/HotTopics/DowntownDevelopment/TownCenterPlans.aspx〕
DSMU/DSR took out a loan of $108.8 million from Wachovia Bank; Wachovia was later acquired by Wells Fargo. By June 2009, DSMU/DSR defaulted on the loan. Peter Pau claims that the decision to default was made by RREEF without his consent.〔 After the default, Wells Fargo started foreclosure proceedings. A foreclosure auction in August 2011 attracted no bidders, so Wells Fargo took possession of the property itself.〔 The bank then attempted to sell the land to another developer, but this attempt was thwarted by a lawsuit from Pau.〔 Ever since, further development has been thwarted by the ongoing litigation between Pau and Wells Fargo. In May 2012, the City of Sunnyvale issued a press release accusing Pau of having filed "delaying lawsuits that have served little purpose other than to hold the project hostage",〔〔http://sunnyvale.ca.gov/Portals/0/Sunnyvale/news_releases/2012/NR%2005%2012%2012%20-%20STC.pdf〕 and claiming that "a nationally-recognized development team was set to come in and finish the project in 2011 ... until the barrage of lawsuits blocked their entry".〔 In February 2013, further appeals were filed by both Pau and Wells Fargo; Pau's attorney estimated that the appeals would delay resolution of the case by at least two years.〔http://news.theregistrysf.com/new-appeals-threaten-to-stall-sunnyvale-town-center-redevelopment-for-years-2/〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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