Right now, about 68 percent-70 percent of the condos at Americana at Brand are sold, according to a Glendale-News Press story, which also looks at some of the successes and disappointments on developer Rick Caruso's lifestyle center. On the upside, people are coming to visit, the area is less blighty (according to a councilman), and property taxes are up, while on the downside, sales tax sales revenue hasn't been as high as hoped.
Speaking to what he says has worked, "Councilman Dave Weaver said the figures were a strong rebuttal to those who criticized city officials for approving the project, which was highly controversial when proposed. It took several ballot measures to get approved, only to face a protracted lawsuit from the owners of the neighboring Glendale Galleria...Still, sales at the Americana have not grown enough for the city to cash in on a revenue-sharing deal struck when the center was approved. The Redevelopment Agency is eligible to receive half of the center’s sales proceeds above an 11.75% return on its investment in retail and 8.25% return on residences. The Americana has not reached those benchmarks, hampered by the economic downturn that began months after the center opened in May 2007."
Meanwhile, it's also costing Caruso a lot more than anticipated to maintain the lawn and grounds of Americana, but that's no surprise.
· Americana mall taxes slightly under estimates [GNP]
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