Former Vallco Fashion Park fighting foreclosure

Silicon Valley Business Journal is reporting today that creditors of the former Vallco Fashion Park, now known as Cupertino Square, are seeking to foreclose on and sell the property, while the owners of the mall are fighting back.

When I visited months ago, the mall from the outside had a feel that was somewhat dated yet still post-modern, but inside it was a vacant hall of empty shop bays. When I briefly entered the mall to get to the attached Dynasty dim sum restaurant a few weeks ago, it didn’t look as if anything had changed.

If the owners are truly short of cash (they claim they aren’t), it explains why the mall has been essentially empty for over a year, but ongoing renovations have made little visible progress. Clearly the big losers have been any independent shops that have been caught in leases in the mall: Only destination businesses (like Dynasty or the AMC theater there) could survive without the traffic brought in by being part of a larger marketplace.

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