Great America set to close within 11 years
Jul 1, 22, 5:32 pm
#1
Original Poster
Join Date: Sep 2001
Location: SJC (AA PLT 2MM - Marriott LTT - Avis Preferred)
Posts: 1,850
Great America set to close within 11 years
Sad news about GA - I fondly remember when it first opened as "Marriott's Great America." We locals still refer to it every now and then as "Marry-Otts."
https://www.mercurynews.com/2022/06/...state-develop/
https://www.mercurynews.com/2022/06/...state-develop/
Prologis, acting through an affiliate, paid $310 million for the land at 1 Great America Parkway, the county property records show.
California’s Great America LLC, an affiliate of amusement park operator Cedar Fair, sold the property, according to the public documents.
San Francisco-based Prologis also agreed to lease back to Cedar Fair the just-purchased chunk of land.
The term of the lease is six years, according to a Cedar Fair regulatory filing this week. Cedar Fair has the right to extend the lease for as much as five years, which means the amusement park would close no later than 11 years from now.
San Francisco-based Prologis also agreed to lease back to Cedar Fair the just-purchased chunk of land.
The term of the lease is six years, according to a Cedar Fair regulatory filing this week. Cedar Fair has the right to extend the lease for as much as five years, which means the amusement park would close no later than 11 years from now.
Jul 3, 22, 10:08 am
#4
FlyerTalk Evangelist
Join Date: Jun 2010
Location: TOA
Programs: HH Diamond, Marriott LTPP/Platinum Premier, Hyatt Lame-ist, UA !K
Posts: 14,128
Originally Posted by dhuey
That land is probably way too valuable now for an amusement park.
David
Jul 3, 22, 2:23 pm
#5
Original Poster
Join Date: Sep 2001
Location: SJC (AA PLT 2MM - Marriott LTT - Avis Preferred)
Posts: 1,850
The developer would be hard pressed to build exclusively office space here, not with the double vacancy rate in the Santa Clara compared to rest of the county.
Makes more sense at this point to phase in mixed-use development (retail, dining, residential).
Makes more sense at this point to phase in mixed-use development (retail, dining, residential).
Jul 3, 22, 2:46 pm
#6
FlyerTalk Evangelist
Join Date: Jul 1999
Location: Over the Bay Bridge, CA
Programs: Jumbo mas
Posts: 35,399
Originally Posted by ntamayo
The developer would be hard pressed to build exclusively office space here, not with the double vacancy rate in the Santa Clara compared to rest of the county.
Makes more sense at this point to phase in mixed-use development (retail, dining, residential).
Makes more sense at this point to phase in mixed-use development (retail, dining, residential).
Jul 4, 22, 11:31 am
#7
A FlyerTalk Posting Legend
Join Date: Feb 2001
Location: Berkeley, CA USA
Programs: Piggly Wiggly "Shop the Pig!" Preferred Shopper
Posts: 51,847
Originally Posted by Eastbay1K
The tea leaves for what the area will need a decade out are ... well, tea leaves.
Jul 6, 22, 3:26 pm
#10
A FlyerTalk Posting Legend
Join Date: Jul 2001
Location: Watchlisted by the prejudiced, en route to purgatory
Programs: Just Say No to Fleecing and Blacklisting
Posts: 98,638
Originally Posted by dhuey
That land is probably way too valuable now for an amusement park.
Jul 6, 22, 3:53 pm
#11
FlyerTalk Evangelist
Join Date: Jul 1999
Location: Over the Bay Bridge, CA
Programs: Jumbo mas
Posts: 35,399
Originally Posted by GUWonder
Seems to me like the plan would have been to build a lot of residential and mixed-use buildings to try to unlock the value of the real estate via redevelopment and sales. It’s not like they are buying the land to make this agriculturally productive.
Jul 7, 22, 7:42 pm
#12
FlyerTalk Evangelist
Join Date: Jun 2015
Location: SFO/SJC, BWI
Programs: :rolleyes:, DL DM MM, Mlife Noir, TR 7*, Marriott Tit, UA Plat, Hyatt Glob
Posts: 15,896
Originally Posted by Eastbay1K
No, although at the price of cherries, the crop would be temporarily more valuable than commercial real estate. And once up on a time (in my adult lifetime), this area was well-known for outstanding cherries. Now, they seem to grow a lot more Meta Apples.
