Livermore Development Update

I spent Wednesday morning walking around downtown talking with business owners, residents, and a few building owners. The topic on everyone’s mind was unanimously the planned Regional Theatre. From my discussions it seems as though there is a great divide in the support of the 2,000 + seat theatre. That said, I will continue to remain neutral as I think we have MANY years before this even becomes a reality.

Currently, the group behind the Bankhead and the new theatre is trying to refinance Bankhead and get the financing in order to build the new theatre. At the tune $100 million dollars, I don’t think anyone is jumping at the chance to finance the project. Despite not having the funding, they are moving forward with construction drawings.

Prime Retail Outlets – According the Economic Development Department at the City of Livermore, Prime will be breaking ground early 2010 and construction will be wrapped-up in 12-18 months. This development will be located at the El Charro road exit.

Toyota Dealership – After lots of controversy, Toyota will be moving forward with the new dealership on North Front Road, off Vasco. Ground breaking will begin early 2010 and is expected to be completed in 12 months.

Groth Brothers Site – Groth sold their site to Swenson Builders a few years back but has continued to occupy the space. At this point, there is no immediate development plans but the site is in entitlements for a 4-story mixed use project including ground floor retail.

Residential Development:

The former Livermore Honda Site – Purchased by Pinn Brothers in the height of the market, the piece of land located on the corner of First Street and Portola remains vacant. Rumor has it another well-known home builder has purchased the land recently and Pinn Brothers has dissolved.

First Street Site –  Pulte purchased a number of contiguous parcels in 2005 located across the street from Palasage as you are coming West bound on First Street into downtown. This property is being offered for sale with a condo map. I don’t foresee any development going on for a good long while for this parcel.

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About thestorefront

Commercial Real Estate Broker in the San Francisco Bay Area specializing in retail sales and leasing.

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