Elk Grove’s Dubious Anniversary

The word anniversary usually is associated with a happy or at least historical significant event. Think of a golden anniversary or the recent 40th anniversary of Apollo 11.

Unfortunately, Elk Grove will be “celebrating” a rather dubious anniversary this Saturday.

According to our calculation, this Saturday, July 25 marks the one year anniversary of the halt of construction on the Elk Grove Promenade. Although construction probably stopped earlier, July 25 was the first day it was reported on by our colleagues at the Elk Grove Citizen as a photo cutline.

Watch our video from last July

Although construction has stopped on the ill-fated mall, it doesn’t mean there has been no activity surrounding the mall. Once again, none of the activity has been positive for Elk Grove.

As construction halted on the Promenade, the stock price of its developer, Chicago-based General Growth Properties (GGP), dropped like a lead balloon. Then came the international credit crunch.

Meanwhile, GGP was sued by several contractors in Sacramento Superior Court for non-payment of construction services. GGP also stiffed the City of Elk Grove, for awhile, over fees. 

Once 2009 rolled along it became only a matter of time before GGP filed for Chapter 11 bankruptcy which it did in April. GGP’s filing was historic – it is one of the largest real estate collapses in United States history.

Since then, weeds have sprouted up at the mall and have now dried to make the Elk Grove Promenade nothing more than an eye sore, fire hazard and a local symbol of hubris personified by the masters of the universe on Wall Street and empire builders on Laguna Palms Way.

Nice work, all of you.