Economic Collapse Sunnyvale California's $750 Million Fiasco Jack D Deal Network

economic collapse a major construction project Town Center Project in Sunnyvale California has come to a halt as financing has dried up. Jack D. Deal Video Network jddeal@jddeal.com

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News & Politics

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• economic
• collapse
• construction
• project
• Town
• Center
• Project
• Sunnyvale
• California
• financing
• Jack
• D.
• Deal
• Video
• Network
• jddeal@jddeal.com

[josephfoster30]

Is Sunnyvale nicer then santa barbara?

[jackddeal]

@josephfoster30 both are really nice so it's a matter of preference...and both are really expensive! thanks for the note...

[ksocean]

I live nearby, and have viewed this project with skepticism from the start. Simply in terms of timing, building new retail and housing now is a 3-train-collision of failing backs, lagging real estate, and reduced consumer spending. I'm seeing very slow progress on the construction, which suggests even today the funding is just trickling in. I have heard the city has taken on this new "maul project", because they obviously have more financial genius than developers who walked away. Amazing!

[jackddeal]

very interesting comments....train wreck is a good description...haven't heard about the City taking it over yet, but it would seem that would just complicate the nightmare...almost better to wait for a turnaround than to make it worse...and like you said, it is simply amazing....thanks!

[Rizky06]

Surprising...If I remember correctly Atari had it's HQ in Sunnyvale.

[ksocean]

If ag, lumber and fishing is all that survives in California...people can kiss their high-paying SV jobs goodbye. SV has simply become too expensive to run a business. Unless of course, our tract housing reverts to fundamentals.

[jackddeal]

Good comments...the banks were able to go against their own principles and get something for nothing or almost nothing...as far as the dollar, it is going to get trounced but it's all relative, no? many economies are worse than ours so the dollar may hold well against those...California does have resources but like water, the resources are finite...except for people...

[Rizky06]

Banks are definitely not stupid. Who else can put a Financial gun to American taxpayers heads for a multi trillion ransom. California has many natural resources to tap for the future. Now all we have to do is keep the Dollar from Zeroing out on the world financial stage.

[jackddeal]

Atari's long gone...ha...upscale neighborhoods, heart of Silicon Valley, good roads/schools,etc., a real head scratcher on this miscue...

[jackddeal]

thanks for the note...did not mean to imply banks are stupid...was wondering what WF and BofA saw that made them leave the project dry; they lost (losing) hundreds of millions. And for the second year salmon fishing is banned...and even though ag, ranching and fishing are solid industries the problems in California are immense. All industries are hit and some really badly...the question of the hour remains is what did WF and BofA see that made them pull out of Sunnyvale? toxic asset?

[Boomer1949]

Banks are smarter than most people give them credit for. What little they are loaning now is not for projects like what's in your video. The loans are for the agriculture, ranching and fishing industry. California will do just fine with a good market in all three of those industries. And don't forget lumber and hollywood.