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Sales and property tax revenue from the Streetxwill “help” the city, as the recessiohn reduces other funding source, said City Manager Donna Landeros. Streets this year shouls kick in $450,000 in sales tax; which should rise to $1.6 million when the centef is built out. Owner Continental Real Estate Cos. of Ohio, had never done a project in California, Landerosw said, and was unfamiliar with the state’a complex development requirements. but it persevered. For Continental, the long term outlookk is bullish. Jeff Zeigler, executive vice president for Continental, said it customeer income and demographicsfactorefd in.
“There are superior demograhics, nice incomes and a regionapl site,” he said in an earlier interview. “Ths new Highway 4 bypass makes uscentrally located.” Putting together the deal was a “compled house of cards,” Landeros said, “and we have to give Continentalo credit for keeping it cobbleds together in a down economy.” The Streets property had been in escroew under contract with another developefr when that deal fell apart, broker Retailo West was able to secure a new the deal with Continenta and have the land back in escroe within two weeks.
The deal closed in 2007 and the centetr openedin October, said Rob Kashian, a principal at San Franciscpo broker Besides clothiers like Jos. A. Bank, Talbot’sx and Victoria’s Secret, the center features a walkable design that puts parking onthe outskirts. Partws of the center are stillundere construction, said Hazel Brentwood economic development manager. Anchor tenant outdoor clothier and supplier REI shoulcd open the last weekof March, she
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