So far, two of nine parcels have been bought, including the recent acquisition of a 4.4-acre parcel. The purchase of more of the nine parcels is expected to close shortly, and the leasing agent, Strategic Retail Advisors in Newport Beach, is confident that the Pyrovest situation will be worked out eventually.
"It's just a very difficult project in that what we're trying to do hasn't been done before," Limburg says. "The city wants this project to happen. We certainly have the tenant interest, it's just a matter of the financing issues."
Approved unanimously by the Anaheim City Council in June 1999, the city required that the project be built in a single phase. However, since the developers have been having problems raising the $500 million required up front, Limburg says they are working on getting the city to allow them to build in phases."
"We know if we phase it, we have it funded. We can fund at least one hotel and a good portion of the retail. The tenants want to be there so they are being patient," Limburg says.
Pointe Anaheim is expected to part be of the $4-billion revitalization effort designed to transform the Anaheim Resort Area into a world-class destination attracting more than 20 million visitors a year. The Resort Area is supposed to include Pointe Anaheim, Disneyland, the $1.4-billion California Adventure theme park due to open in February 2001, Edison International Field, Arrowhead Pond and the newly expanded Anaheim Convention Center.
Anchored by the 85,000-sf Music Live! concert auditorium, with 4,600 seats in three separate theaters, the complex was initially to include three hotels totaling 1,050 rooms, as well as a club district, specialty retail stores along a pedestrian promenade and structured parking for 5,200 cars.
With the start date of construction uncertain, Limburg believes Pointe Anaheim will be completed some time in the second half of 2003.
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