Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN JOSE, CA-Despite major setbacks caused by a massive fire in August, the developers of San Jose’s $500 million Santana Row complex say that they will celebrate the center’s grand opening of the first phase this Thursday.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.