Council members and the redevelopment agency came together last night to approve two huge projects in Livermore. The Regional Theater Project needed the assistance of the City to obtain funding. Last night, the City approved the movement for the city’s general fund to be a part of the financing plan. If all goes well from this point forward, ground breaking could happen as early as July 2011.
Below illustrates the source of funds. According to the LVPAC they currently have over $11 million of their own funds to put towards the project and have a goal of $22 million by December of 2013. The estimated cost of the new theater is $61 million with an annual operating budget of $7.2 million. This cost of the theater has decreased by $18 million from original plans.
In comparison, the Bankhead Theater cost $22.3 million to build and $1.8 million per year to operate.
Also on the docket, the Paragon Outlet, formerly known as the Prime Outlets. This project has been in the works for at least 5 years but has had a number of start and stops. Last spring the project was ready to break-ground when Prime was sold to Simon, the company who owns the Stoneridge Mall. Paragon is composed of a few executives from Prime, who took over the project and have steadily been moving forward with plans. Last December the group closed escrow on an additional 17 acres site and plan to turn the 450,000 square foot center to 540,000 square feet. The project will bring an estimated $1 million a year to the city in sales tax. As for the skepticism of this actually happening, guess what, it is… Paragon has invested millions into the project to date and with the green light from the city it is only a matter of time.
As a life long Livermore native, I have to admit, I am very sad to see the bare land that separates Livermore from Pleasanton and Dublin disappear. Dublin’s slow crawl east has found the Livermore line with the recent ground breaking of the Fallon Gateway (Target) center. Pleasanton also approved the Staples site, just west of Paragon. It’s not to far out before an auto mall, a retirement community, Paragon Outlets, and Target shape our once “wild west side” into another retail destination.
* Theater rendering used courtesy of MacCracken Architects