Another real estate developer on the ropes - KOBRA in default trouble

Jack in the Box operator's Elk Grove project in peril

If misery loves company, Elk Grove Promenade developer General Growth Properties might be sharing tales of woe with Roseville-based Kobra Properties.

Kobra, owner of many area Jack in the Boxes, is also an active commercial real estate developer. One of their developments in Elk Grove shares a common trait with the Elk Grove Promenade - construction has come to a grinding halt.

The property in question is located on the northwest corner of Laguna Blvd. and Bruceville Road right behind the TGIF and Outback Steakhouse restaurants.

While Promenade developers are not currently known to be in default, Kobra is being sued by area banks for failure to make payments on loans for their Elk Grove development. In others words they are defaulting.

With retail and commercial vacancies continuing their increase, we hope the Elk Grove city council takes heed as vacant buildings are prime targets of vandalism.