Ready, set, shop
February 3, 2014 by Max
Hayward residents can look forward to a new shopping outlet if development plans are approved for the McCarthy Ranch Marketplace in nearby Milpitas.
Based on an Asian theme, the covered mall will offer 260, 000 sq ft of space with the potential to house hundreds of small retail outlets. A hotel boasting 240 rooms and a parking garage are also included in the $100 million proposed complex.
Jim Kessler, an adviser on the project for Torgan Group, the Canadian owners of McCarthy Ranch, had this to say:
“It would be the only project of its kind in the United State.
“There are other Asian-oriented tenant projects, but not of this scope and concept, with small units, a lot of owners.”
Most shopping malls use a single-owner business model, usually a corporate owner that leases space to retailers. This project breaks away from that tradition. Instead, Torgan Group will use a residential development model that gives shop owners the option to buy their space outright or lease through private realty investor.
Called Pacific Mall Silicon Valley, the new complex is planned for a 2017 opening. With an estimated 200 to 300 retailers, area consumers can expect to find products and services across the range of home, personal, and business needs. Economic benefits are also expected for area businesses supporting the retail, hotel, and food industries. Think wholesale produce distributors that supply restaurants or print companies that offer high quality, volume flyer printing.
The complex, known as Pacific Mall Silicon Valley, is planned to open in 2017. Kessler on behalf of Torgan Group noted:
“If all goes well, the developers intend to begin construction in the spring of 2015.”