SUNNYVALE (CBS SF) – The finger pointing has begun over a stalled $800 million retail and residential project in Sunnyvale.
The Sunnyvale Town Center was proposed as a potentially vibrant retail, commercial and residential hub. But, the site has been sitting empty for the last three years. Depending on which story you believe, it’s either a former developer or a bank that’s holding up the project.
“Peter Pau has since filed several lawsuits that have really served to do nothing more than to block progress of anybody else coming in to develop the property,” Sunnyvale spokesman John Pilger said of Pau, former developer of the project.
KCBS’ Mike Colgan Reports:
Pau insists he’s done no such thing.
“The bank owns the project today,” he said. “The bank can do what they want with it, they can sell the property, they can hold onto it, they can continue to develop it like they have, they can put tenants into the building, so what is it that we are holding up?”
The city maintains its losing an estimated $2 million annually in sales tax revenue while the project is stalled.
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