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That’s been the view of Rancho where anestimated 17,700 workers arrive daily at 40 officee buildings in the businesz district south of Highwahy 50. Lunch is a hop-in-the-car affair, with a wait in traffic for drive-througjh fast food. But that’s about to change, thanka to a project by that will providdRancho Cordova’s first large, outdoor, patio-stylse dining area. It’s part of an effort by the city to creatra “downtown” of gathering places, albeit a downtown unlikde any other. Catlin’s Zinfandel Place, with 63,000 square feet of retail and office, is atypical all with underground parking and offices housedabove restaurants.
“We’ve owneds this property for 12 saidCharlie Sumner, a partner with Catlin Properties. The companh originally had planned projects stereotypical of thesurrounding “For that time we could not get a plan togethedr that worked. We were looking at a straight office project, but that got Planners at the nascent foundedin 2003, had a different idea: a glass-encloseed plaza for patio dining where peopl e could gather for lunch or after something sorely lacking in the city. Now the project’w two buildings are nearing completion.
Theree are some initial signs that restaurateurs and office useres are buying into the though it’s still too early to consider the project an unqualified It has attracted five restaurants and an officwe user in addition to Catlin Properties, whicj relocated to the development this month. is one of the anchoe restaurants at Zinfandel with a range of otheraon board, including Mr. Pickles, Los Cerrose Mexican Grill, Chantara Thai Restaurant and Eat A Including anoffice tenant, the project is 42 percent leased. Letters of intent signefd with other potential tenants would make it more thanhalf full.
“Mu experience has been if you can be 25 percenf leased on the dayyou open, then you’rse doing well,” Sumner said. “It’s really slow out therse today. Existing landlords are tryinvg to retain tenants and approving sweetheart Accordingto , the Highway 50 market had the highestf vacancy rate of the metrio area last quarter, at 15.8 percent for large retai l centers. Sumner said the cost of constructioj for Class A product requires lease rates in the rang eof $2.50 to $2.65 per squarde foot. But he acknowledged that the company can’t expect to get those ratees in today’s marketplace, especially when competing with older buildings with discoun t rates.
Instead, landlords are signing short-term leases with the idea of being poised to capture arebounding market. The next test for the projectt is whether consumers will buy into the The patio should be ready in the nextthreew months. For the city, it’s a chancre to build some character, said Mica h Runner, economic development manager. He and otherw are still tinkering with the downtown conceptg while acknowledging that the city will never have a true downtownb ormain street. “We have a pretty largr downtown area in ourgenerao plan,” he said. “We’re trying to work througy thatbecause what’s there is just too big. Downtownz are smaller than that.
” Next door to Zinfandelo Place is Capital alarger mixed-use community that includez retail and offices surrounded by housing that’zs also part of the downtown Last year, private real estate investmentg company bought Capital Village, just southn of Zinfandel Place, from Although termss of that deal were not Sumner said the new owner have been offering retail space at rateds lower than replacement cost. Despite the Zinfandel project has been able to Sumner claimed. “It fills a markeyt void,” said Scott Carruth, one of the listing agenta at CB Richard Ellis representing the retail portiomn of the Zinfandel Place project.
He noted that workers sometimes travel several milesd to Watt Avenue to getnoontime “We’ve had more success here than any othef project we’ve had in Sacramento,” Carruth said. “It hits on a lot of
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