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Palladium Pulls Plug on Billion Dollar Project

SAN JOSE-The Palladium Company, a New York developer, says it is pulling out of a 3.7-million-sf project in Downtown San Jose because of the continuing sluggish performance by both the regional and national economies.

By Michelle Savage | Updated on March 26, 2002

SAN JOSE-The Palladium Company is pulling out of a proposed $1-billion redevelopment in Downtown San Jose that would have created 3.7 million square-feet of housing, office, retail and entertainment space.

The New York-based developer of the project says it is pulling out of the ambitious project due to the continuing sluggish performance of both the regional and national economies. Palladium has spent more than $3.5 million on the project.

“The market at this time does not support the large, mixed-use project we originally envisioned,” says Palladium Western Region Partner Ken Wong.”While we still believe that the vision we advanced would be an effective way to revitalize San Jose’s downtown area, it is unrealistic until a much stronger market returns.”

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