CHINO - The economic downturn has delayed final completion of the Panattoni-developed Rancho Del Chino Project, according to the developer and city officials.
Officials had expected development on Phase 2 of the project by now, but the tremendous impact of recession, and the loss of expected anchor tenant Circuit City to bankruptcy, has moved the timeframe from a year to 24 months from now, officials said.
Retail property-owning companies say it's been extremely difficult in recent months to attract tenants to new retail outlets with retailers cautious over the weakened economy and sales declines.
Not helping the problem is also an overload of empty store spaces from the loss of big name retailers to bankruptcy.
Read the story... | Source: Daily Bulletin | Posted: 2/2/09
