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To: Smiling Bob who wrote (205)	4/15/2009 10:45:40 AM
From: Smiling Bob	Respond to of 442

uesday, April 14, 2009, 3:27pm PDT \| Modified: Wednesday, April 15, 2009, 5:34am University drops Stanford Shopping center plan Silicon Valley / San Jose Business Journal - by David Goll Stanford University has withdrawn plans to add 240,000 square feet of retail space and a 120-room hotel to Stanford Shopping Center, citing the need to focus instead on expanding its medical facilities. Envisioned as a Santana Row-style outdoor retail and entertainment development, the expansion was planned for the northeast corner of the shopping center site in what is now a parking area along El Camino Real. Stanford Shopping Center has an existing 1.4 million square feet of gross leasable area and is owned by Simon Property Group Inc. of Indianapolis, the nation’s largest operator of retail centers. Anchored by Macy’s, Bloomingdale’s, Nordstrom and Neiman Marcus, the outdoor plaza is considered one of the most exclusive retail addresses in Northern California. Simon purchased the center for $333 million in 2003. University officials told Palo Alto officials that by dropping the retail expansion and hotel project, they will be able to focus on expanding Lucile Packard Children’s Hospital and the Stanford University Medical Center. Those facilities will grow by a cumulative total of 1.3 million square feet. City officials expressed disappointment at the news. They had estimated the expanded retail center and hotel would have generated $1.6 million in annual sales tax for Palo Alto, as well as about $700,000 in annual property tax revenue. “The shopping center and a new hotel represent a significant percentage of the city’s sales tax base,” James Keene, Palo Alto City Manager, said in a statement. “Protecting the center from any economic decline due to increased regional competition is vital to maintaining the city’s financial health and the city services our community expects.” David Goll can be reached at 408.299.1853 or dgoll@bizjournals.com.