Another Dubious Anniversary Comes and Goes For Elk Grove Promenade
The roof on the east side of the Elk Grove Promenade has steadily deteriorated since construction stopped four years ago. The coma watch...
https://www.elkgrovenews.net/2012/08/another-dubious-anniversary-comes-and.html
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| The roof on the east side of the Elk Grove Promenade has steadily deteriorated since construction stopped four years ago. |
Last Saturday marked the fourth anniversary of the day the mall died - or at least went into a long-term coma.
As reported by The Elk Grove Citizen, construction of the Elk Grove Promenade came to a sudden halt on or about July 29, 2008. The construction stopped just as the international credit crisis escalated and was a precursor to the mall's original developer, General Growth Properties (GGP), filing of what would become the the nation's largest real estate bankruptcy.
Since that time, not much has happened. The half-constructed mall has slowly deteriorated, GGP emerged from bankruptcy and the ownership of the Promenade was transferred to the Howard Hughes Co.(HHC). Oh, there have been a few glimmers of hope offered up, the most recent by Elk Grove Economic Development Director Randy Starbuck who said he had identified several prospective anchor tenants for HHC.
But if there were any positive news on the mall, you can bet the city would be all over it. But there is nothing to report, so the coma watch continues.
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I am concerned because recently Palladio in Folsom, that was on the verge of bankruptcy has now turned around, Downtown Mall is heading for reinvention under new ownership, but our mall seems to be stuck in the same rut it has always been in.
Perhaps there is no redemption for the "Lent Ranch Mall". Maybe it's a poignant and empirical revelation that the people pay for infrastructure improvements while corporations pay nothing; I refer to the $40M HWY 99 interchange at Grantline Road.
The "connector" between Hood-Franklin and El Dorado Hills is another boondoggle with costs approaching $1B. Councilman Hume has admitted commercial interests along that route.
These politicos spend our monies on infrastructure for, at best, questionable and risky business plans.
But this is true of most government endeavors and business ventures.
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