The previous owners had hoped to put up a retail mall with Asian themes. The organization has since abandoned that idea and the new buyer, Scannell Properties, hopes to convince city officials that allowing the project to go through is in the city’s best interests. According to Scannell, the new project planned for the plot will bring 300 new permanent jobs to Fremont. Brochure printing offers a way to present a project like this.
Scannell Properties paid close to $50m for four out of the six parcels that make up the site. The purchase was made in cash and the previous owner was a real estate firm named APIC The Globe. Bob Staedler, who works at a local land-use consultancy, commented:
“The site will bring a blighted property back to life through redevelopment. It’s great to see Fremont turn the page on this site’s future.”
The developer is confident that the new project will bring significant benefits to the region, including new jobs. The developers believe that the project will also bring in up to 400 temporary jobs during the construction process, which is expected to last 11 months. Aside from the employment opportunities they provide, these jobs should also boost activity at neighboring retail outlets.