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More bad news for The Globe

Our chain’s business reporter is writing a story for tomorrow concerning the Globe, the most ambitious empty strip mall ever built in Fremont.

“The project’s lender has filed a notice of default for a loan that is in arrears. And across the street, another retail development — controlled by the those who launched The Globe — is being scheduled for an auction and foreclosure on an $18 million note.”

Matt Artz

  • Marty

    Obama should come out with a Making Globe Affordable plan.

  • Eyesbright

    Even Obama can’t cure “stupid.”

    Quoting from the January, 2008 article:
    “Globe officials have turned away several prospective tenants — national chains and independent shops — because they didn’t fit with the developer’s vision for unique shops that showcase the best of each culture, Kim said.

    “We’re just being a little picky, that’s all.”

    {Still quoting from the article:}
    The only business now operating out of Saigon Village is East West Bank. An independent coffee shop, Vietnamese Pho restaurant and Vietnamese food court will be opening soon, Kim said.

    A few other tenants, including a major Asian supermarket, also are on board, but Kim wouldn’t disclose their names.”
    {End of quote}

    At this point, it sounds like the fact is that there was no “major Asian supermarket onboard”.

    The whole concept sounds like it was doomed from the start via unrealistic expectations and astoundingly stupid business decisions (turning away prospective tenants). Perhaps if it had been tried during a booming economy it might have lasted a little longer before it died.