Marketplace at El Paseo opens Monday

The Business Journal — March 6, 2014

Marketplace at El Paseo will celebrate its grand opening on Monday with a breakfast and ribbon cutting ceremony starting at 8:30 a.m.

Dignitaries and local officials will join the project developers, Rich Development, Gryphon Capital and N3 Real Estate in marking the opening of the $74 million project located at Highway 99 and Herndon Avenue.

Anchored by Target, the 398,000 square foot center broke ground in early 2013 and is nearly 95 percent leased to tenants including Ross Dress for Less, Petco, Burlington Coat Factory, Marshall’s, Tilly’s, Anna’s Linens and Old Navy.

Burlington Coat Factory has planned its own ribbon cutting ceremony for 9:30 a.m. on March 28.

“We are very excited to open the Marketplace at El Paseo,” said Rich Development General Partner, Joe Rich in a release. “This project has been 8 years in the making and we are so appreciative of all the city and community support we have received.”

The project is expected to generate more than $9.7 million in annual sales and property tax revenue for the city, county and state. In addition, more than 800 construction jobs and 750 permanent jobs were created.

Several of the big to mid-box stores are scheduled to open between March 8 and March 24 with construction for the smaller tenants beginning the week of March 17. “We are looking forward to the center continuing to grow and evolve as more tenants open,” Rich said.

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