The August fire destroyed the development's largest building containing 87,000-sf of retail and half the planned residential units. The remaining 450,000-sf of retail space, 255 residential units, and 214-room boutique hotel were not significantly affected. The cause of the fire remains under investigation.
The shopping complex, which is located across the street from Westfield Shoppingtown Valley Fair, was originally slated to open on Sept. 19. Several of Santana Row's tenants, including Ann Taylor, BCBG Max Azria and Gucci, plan to be ready for business on Nov. 7, according to Federal Realty Investment Trust, the complex developers.
Last week, Federal Realty Investment Trust reported funds from operations of $29.7 million for the third quarter, or $0.67 per diluted share, beating First Call consensus estimates by $0.03 per share. In the same period a year earlier, the company reported FFO of $28.3 million, or $0.70 per diluted share.
The company's share price at the close of trading Friday stood at $26.75, up $0.40 from Thursday. The price is $1.75 below its 52-week high of $28.50, achieved in April 2002, and $4.92 above its 52-week low of $21.83, which occurred a few months later in July.
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