Bottom line: rent increases. A few years back, the word on the street had it that the owners wanted to sell the property to housing developers, and were using rent increases to drive tenants out, while at the same time not investing in the property in terms of upkeep and such. There’s new ownership now from what I understand, but pricing makes it hard for a community center located a couple miles from freeways to keep businesses afloat.
It can’t be making more financial sense to have like 30% occupancy than decrease rent to drive in business. That water feature alone is $$ to maintain. There has to be another ploy.
And unfortunately it comes down to corporate greed. An international developer will buy and rebuild it. Once again, stripping opportunities and community away from the locals.
After visiting San Ramon and being encouraged to go to this mall by my relative who lives nearby, I did some research and this is what I found. It's a fantastic calming place with an eerie feeling: https://youtu.be/8x52CWRYHeM?si=2UPCpgDboM5vGsyu
Here’s a good article from May.
Bottom line: rent increases. A few years back, the word on the street had it that the owners wanted to sell the property to housing developers, and were using rent increases to drive tenants out, while at the same time not investing in the property in terms of upkeep and such. There’s new ownership now from what I understand, but pricing makes it hard for a community center located a couple miles from freeways to keep businesses afloat.
It’s a shame.
Thanks for the article. A shame indeed. Hopefully the cinema will help bolster things. City Center in San Ramon is thriving!
Hopefully the theatre can finally open soon!
It can’t be making more financial sense to have like 30% occupancy than decrease rent to drive in business. That water feature alone is $$ to maintain. There has to be another ploy.
And unfortunately it comes down to corporate greed. An international developer will buy and rebuild it. Once again, stripping opportunities and community away from the locals.
After visiting San Ramon and being encouraged to go to this mall by my relative who lives nearby, I did some research and this is what I found. It's a fantastic calming place with an eerie feeling: https://youtu.be/8x52CWRYHeM?si=2UPCpgDboM5vGsyu