“Mayfield Mall developer could be bowing out”
Mountain View Voice Mountain View Voice: Mayfield Mall developer could be bowing out (October 17, 2008)
Toll Brothers, the high-flying nationally ranked home builder that was retained by Hewlett-Packard to develop a huge housing project on its 27-acre Mayfield Mall site, appears to be on shaky ground in its involvement with the project, saying it cannot build the required tunnel to the train station or pay the land price it had negotiated with HP.Toll Brothers spokesperson Jo Price said the $6 million tunnel — which would connect the San Antonio station to the project at 100 Mayfield Ave. by going under Central Expressway — was no longer feasible, a sentiment that could kill the project altogether.
Congrats to the citizens of Mountain View for successfully defeating this monstrous project. Their efforts at finding any and every possible reason to stop the project or make it incredibly expensive was absolutely heroic.
Everyone knows that houses are no longer appreciating at 9% a year in the Real Bay Area. Is now really the time to build more housing? Seriously.
Congrats citizens!
Now… about that campaign to get rid of jobs as well!
October 26th, 2008 at 7:07 am
2348 OAKWOOD DR
East Palo Alto, CA 94303
This house here sold for $750,000 in 07 now it is a foreclosure for just $209,900 - is this a bargain?
Could I rent this out and make money on this non- real bay area property. Would my tenants most likely be gang members since this is located in what I would assume to be a high crime area?
October 26th, 2008 at 8:57 am
Gangland, for sure. If it’s in the $200s, you probably don’t have to ask.
October 26th, 2008 at 9:13 am
This is great news. We definitely don’t need any more high density housing on the peninsula.
October 26th, 2008 at 9:20 am
What we need is more retail and commercial developments. Commercial developments bring tax revenues to the cities, while housing developments only benefit the developers, overflow the schools and jam up the traffic.
Glad to see that there’s a new project breaking ground at the corner of University Ave. and Donohoe Street in East Palo Alto.
October 26th, 2008 at 10:22 am
Is that going to replace that condemned old strip mall/loft thing? I hate seeing that every time I go out to IKEA.
October 26th, 2008 at 10:45 am
I have investments in stockton that cash flow great - tenants suck. In east palo alto you more than likely will get some rough tenants. Let those houses depreciate more so you can buy them in cash or buy them so they can give you a serious cash flow.
October 26th, 2008 at 11:29 am
“2348 OAKWOOD DR
East Palo Alto, CA 94303
This house here sold for $750,000 in 07 now it is a foreclosure for just $209,900 - is this a bargain?”
LOL - some idiot thought that “home” was worth 3/4 of a mil. how delightful!
October 26th, 2008 at 11:43 am
Somehow I think the following is more likely to be the reason:
Apparently due to financial pressure, Toll Brothers has recently elected not to exercise its final option to buy the property for the price it negotiated with HP. Instead, the company wants to reassess the property’s value next year, a move that would appear prudent to stockholders, Price said.
Now the tunnel is one thing (although there is already a crosswalk at Central and Mayfield), but don’t forget the trees.
By the way, Palo Alto residents are more vocal than Mountain View’s even though Palo Alto would get less units. Come on Mountain View, wake up!
October 26th, 2008 at 1:13 pm
sonnarat asked: >>Is that going to replace that condemned old strip mall/loft thing? I hate seeing that every time I go out to IKEA.
YES, exactly. I was just by there this morning on a trip to Home Depot, and that entire old strip mall is GONE. Hopefully they’ll replace it with something more on par with the IKEA/Home Depot center. Also, I hear that the now defunct Home Expo (which was next to Home Depot) is turning into a Nordstrom Rack.
October 26th, 2008 at 3:46 pm
>>YES, exactly. I was just by there this morning on a trip to Home Depot, and that entire old strip mall is GONE.
Yup, the place has been flattened to make room for new commercial development. By the way, other developments in the area are getting under way. Ming’s Restaurant on the East side of Embaradero will be expanded into a new Inn. A 5 star hotel will be built next to Stanford mall.
October 26th, 2008 at 3:55 pm
Yep, life’s just peachy through rosed colored glasses.
You know that I am preachy when seen, un-keen and classless.
October 26th, 2008 at 4:39 pm
Real Estater said:
“A 5 star hotel will be built next to Stanford mall.”
It’s about frigging time. It’s been embarrassing - the places we’ve had to put people up when they come to visit campus.
October 26th, 2008 at 5:44 pm
anon,
Which item did I mention that is not factual?
October 26th, 2008 at 6:02 pm
RealEstater, do you happen to know what 5-star hotel is going in there near Stanford? Is it another Four Seasons? Just curious. I do know that they’ve been working on that site for years now.
October 26th, 2008 at 6:07 pm
looking at a glass 10 feet tall
I cannot see the top at all
my eyes vision blocked by wool
i believe said glass to be half full
October 26th, 2008 at 11:15 pm
Wait, what’s happening to Mings? Are they moving?
October 27th, 2008 at 7:32 am
Renter4,
Mings will stay. It’s expanding into a restaurant + inn.
October 27th, 2008 at 7:35 am
More good news:
World’s largest Stem Cell Research building to be built at Stanford: http://www.paloaltoonline.com/news/show_story.php?id=9776
600 more scientists will work there! Scientists = professionals!
October 27th, 2008 at 8:22 am
Hey, well that’s great news RE. Why… those 600 jobs might make up for one or two of the tech firms laying people off such as Pandora, Yahoo, Google, Tesla Motors, Appcelerator, HP, Refin, Nvidia,and Xerox. In fact, 19,683 Tech employees have been laid off industry-wide since September alone. So yay- 600 versus 20,000. Way to go!!
In regards to the post, well this doesn’t surprise me. Over here in Alameda, residents are just as bad at making sure nothing new ever gets built. We have a massive abandoned military base that developers have been trying to turn into residential and commercial space for years. But for some reason, even though these will be made for new and future residents, older residents feel that they have to plan every little detail, including some plans that include trains, bus lines, and solar power stations. My argument is that there’s a big demand right now for smaller, more affordable, more livable houses. I could really care less if there’s open green space, solar panels, or hybrid buses. Just build the damned houses and people will gladly move in. Of course that would mean bringing down the local’s precious home values, which are falling anyway.
October 27th, 2008 at 8:47 am
Bob,
I agree that East Bay would be suitale for more affordable housing. The problem is that developers don’t have as much incentive there, because demand is weak and homes values are falling. Why is demand weak? Because schools generally suck, crime rate is high, and it’s far from the high paying jobs of Silicon Valley. The more affordable an area becomes, the least desirable it becomes, because the people who tend to congregate there are from the lower social economic classes with lower education, lower income, creating conditions that tend to breed more crime.
October 27th, 2008 at 8:54 am
Bob,
The Stem Cell Research Center is just one of many projects. Check out Stanford’s $2.5 billion dollar hospital projects:
http://www.paloaltoonline.com/news/show_story.php?id=9778
Earlier, we talked about the VA project in Palo Alto and Menlo Park:
http://www.paloaltoonline.com/news/show_story.php?id=8796
These are world class projects that will bring about massive professional employment to the area.
October 27th, 2008 at 8:56 am
Bob,
BTW, tech firms always have layoffs. They have been doing that for ages. It makes the area more competitive in the long run. Currently, the numer of layoffs in Silicon Valley are just business as usual.
October 27th, 2008 at 10:05 am
massive professional employment? 600 jobs? Many of which are scientists already working at Stanford?
Seriously, do you think Chuckie even knows any scientists? They don’t tend to buy homes for status value, which is how Chuckster sees PA. They have a more utilitarian view of the world and their neighborhood than almost anyone else. While a typical wealthy and educated Palo Altan might want a 2200 sf home with 4 bedrooms, a scientist would be perfectly happy moving into the older, smaller 3/1 homes in 94306 and leaving them alone. If they did a renovation at all, they’d add a bathroom.
Or they’d decide Sunnyvale was a better value with the Cupertino schools, and commute 45 minutes instead.
October 27th, 2008 at 10:09 am
madhaus,
Did I say they’re all going to buy in PA? Anything from Burlingame to Cupertino would be fair game. I can tell you no one is going to commute from Alameda, except for maybe the janitors.
October 27th, 2008 at 10:47 am
RE,
You quite obviously know nothing about the East Bay. The schools in many East Bay areas are actually just as good, and in some cases, better than those on the Peninsula. The Crime rate is also quite low. I have not one time ever felt threatened, in danger, or in trouble walking in Alameda day or night. Secondly, developers built quite a bit in the east bay during the boom, so there was obviously an incentive to do so. Unlike yourself, many people buy houses to live in and not just to view as an investment.
Lastly, you can’t deny that the current layoffs are heavily based on current economic conditions. The problem is that many tech companies rely on outside lending to enable new and existing customers to upgrade or purchase software products. The parallel is the auto industry, whom also relies on financing to enable car buyers. This means that many tech companies are having to either limit new customers or use internal company cash to do so. This is basically destructive capitalism and in many cases leads to corporate downsizing. The ONLY reason the Peninsula is more expensive than other areas is its proximity to tech jobs. Do the math. Take away those tech jobs and the bottom falls out of the local housing market.
October 27th, 2008 at 11:34 am
Lastly, you can’t deny that the current layoffs are heavily based on current economic conditions.
Sure he can.
The economy is “cleared for takeoff” according to his previous posts. Or was that just real estate that was in the clear???
October 27th, 2008 at 11:49 am
BTW, tech firms always have layoffs. They have been doing that for ages. It makes the area more competitive in the long run. Currently, the numer of layoffs in Silicon Valley are just business as usual.
———-
NOW Chuckie says tech firms always have layoffs. Let’s see what Chuckie said then - 9 months back:
Microsoft is not a tech firm? They don’t have “always layoffs”? That’s interesting!
You know, that’s Chuckie’s away to convince others that it’s always good time to buy homes in RBA.
- Layoffs? We always have layoffs. Don’t worry about it. Buy home NOW.
- Microsoft buying Yahoo? Great, Microsoft never lays off employees. Buy home NOW.
October 27th, 2008 at 12:02 pm
chuck?
full of shit?
i cannot believe it.
October 27th, 2008 at 12:16 pm
Interesting. I know someone who was laid off from Microsoft in a restructuring about 1.5-2 years ago. And another one who was laid off about this time last year.
My friend there says they now have a hiring freeze and there are expectations for another round of layoffs soon.
October 27th, 2008 at 1:42 pm
>>When was the last time you heard about a layoff at Microsoft?
>>Microsoft is not a tech firm? They don’t have “always layoffs”? That’s interesting!
All tech companies do some layoffs from time to time. You won’t hear about some of them because the scale may be too small to be news-worthy. Anybody who’s been working in the tech industry should already know this.
October 27th, 2008 at 2:28 pm
an inconsistent statement made
a concession regarding the state of his trade
under pressure the dam cracks
he tries to plug it up with wax
blue skies turn to gray
cracks form to fast, he frowns with dismay
the dam breaks; the torrent washes the bulls away
October 27th, 2008 at 3:02 pm
Bob,
I’ll give you that East Bay is still worlds better than Nashville, where you may get decapitated by skin heads:
http://www.mercurynews.com/ci_10829037
October 27th, 2008 at 3:03 pm
All tech companies do some layoffs from time to time.
————–
Layoff? Not sure what Chuckie does for a living.
BTW, that’s just borrowed comment. That was said by Chuckie in August. Do you remember “double digit bonus”? There is no layoff in Silicon Valley. Only double digit bonuses.
October 27th, 2008 at 3:29 pm
RE,
understand that there’s a big difference between Nashville and rural TN. Just like there’s a big difference between San Francisco and Redding,CA. Nashville is heavily liberal and has voted democratic for decades. One of their city legislators is actually from San Francisco. But if ignorant people like you want to believe that its the bastion for hicks… good for you… good for me. I really don’t want stuck-up people like you living there anyway.
I’ll also take my East Bay over the Peninsula anyday, thank you.
October 27th, 2008 at 4:02 pm
It’s hard to figure out whom to back in an argument between Chuckie and Fristy. On the one hand, Chuckie keeps changing his arguments. On the other hand, Fristy makes absolutely no sense whatsoever. For example, above Fristy makes this absolute wowzer:
The ONLY reason the Peninsula is more expensive than other areas is its proximity to tech jobs.
Fristy has absolutely no information to back up this incredibly wrong claim, but that would never stop him. The fact that there’s more room to build housing in the East Bay doesn’t stop him. The fact that a commute from the Peninsula is easier to San Francisco than from the East Bay doesn’t stop him. The fact that the weather is nicer in the Peninsula doesn’t stop him. The fact that Stanford is one of the top universities in the world doesn’t stop him.
Nope, in Fristy World, because he says so is enough.
Hmm, kind of like in Chuckie World too.
October 27th, 2008 at 4:08 pm
Bob,
Pay attention! The article referrs to Nashville police specifically. It’s not talking about rural TN.
October 27th, 2008 at 4:47 pm
um, madhaus? Isn’t this proximity? The fact that a commute from the Peninsula is easier to San Francisco than from the East Bay doesn’t stop him.
And rumor has it, that Cal school in the East Bay is pretty good.
October 27th, 2008 at 5:14 pm
Microsoft, like all big lethargic companies is probably laying off all these workerbees who are doing all the work while this massive amt of deadwood hangs out at the VP level. Anyone can see MSFT is the classic big bloated company, they don’t love engineers anymore like they used to and big surprise their products now SUCK. And they didn’t used to, sorry but there was a day when MSFT had the whole industry captive with better products that were cheaper than anybody else could make.
October 27th, 2008 at 8:00 pm
um, madhaus? Isn’t this proximity? The fact that a commute from the Peninsula is easier to San Francisco than from the East Bay doesn’t stop him.
And rumor has it, that Cal school in the East Bay is pretty good.
nomadic, I was simply responding to a claim so inane it lays mainly down the drain.
Yeah, Cal is a great school, no argument about that. People who actual care about prestige would pick Stanford over Cal and pay more money to live near the former over the latter. I’m not necessarily agreeing with them, but I see they are voting such with their dollars.
October 27th, 2008 at 9:33 pm
madhaus,
Any of your kids plan to apply to Stanford? If so, GPA and SAT scores won’t cut it. They need to be well rounded. All things being equal, Stanford gives preference to Palo Alto residents, BTW.
October 27th, 2008 at 9:46 pm
indeed, you see
for when you apply to a university
they look at your zip code with great scrutiny
October 27th, 2008 at 9:56 pm
anon,
There’s a long history of close ties between Stanford and Palo Alto. Palo Alto was initially created to attract people to attend Stanford Univerisity. There’s a neighborhood called “Professorville” because that’s where many Stanford faculty resided. It is no secret that Stanford still gives preferential treatment to Palo Alto students.
October 27th, 2008 at 10:01 pm
I know I know; I just kid
Sunnyvale is quite horrid
If madhaus really loved her kids
she’d come up on some 94303 digs
October 27th, 2008 at 10:59 pm
It is no secret that Stanford still gives preferential treatment to Palo Alto students.
———-
Ha ha! This got to be similar to Chuckie multi-timezone, multi-country, multi-million-dollar mega-project - something exists only in Chuckie’s parallel universe.