Palladium has always been part of the dream to redevelop amulti-million-dollar project on the Intown acreage. After some sixyears of hard work, Palladium has inked a letter of intent on 20acres, thanks to the joint venture financial backing of CalPERS andMacFarlane Partners of San Francisco.

"It's a complicated deal and it doesn't get done overnight,"Marty Burger, Palladium's chief investment officer, Six buildings will rise as soon as the funding is inplace, targeting a 2004 opening. He's not talking sf, but he issaying Victory will rise much sooner than the original game planand the initial stage alone will constitute millions of sf.

The best part, says Burger, is the city reaps the benefit ofstepped-up fiscal projections. The 20-acre mixed-use project willbring a return in excess of initial calculations for the entire60-acre dream, which backers believed would take 20 years todevelop and realize projects valued at $700 million. Now, Victory's"victory" lies in $600 million on one-third of the acreage. "Thetax revenue should be three times what the city thought and a lotsooner than they thought," he says.

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