Thursday Apr 16 2009
Palladio owner dispels rumors of bankruptcy
By: Don Chaddock, The Telegraph
Recent media reports linking Folsom's Palladio at Broadstone project with the bankruptcy of a nationally known mall owner are unfounded, according to the local mall’s owners. Brian Spickard, vice president of Elliott Homes, said the Palladio’s first phase is on track to open in the fall of 2010. “Elliott Homes is the sole owner, developer, builder and manager of Palladio at Broadstone lifestyle center in Folsom,” he said. Recent reports of General Growth Properties’ bankruptcy filing has confused many, he said. That company does not own Palladio and was only handling leases. “General Growth Properties (GGP) has no owner interest in the project. GGP is currently retained solely as a leasing broker agent,” he said. He said the first phase of Palladio will include the movie theater, run by Cinema West. The confusion began when GGP filed for chapter 11 bankruptcy protection this week. Approximately 158 regional shopping centers owned by the company across the nation and their subsidiaries have also filed for protection, according to a press release. Spickard said his phone has been lit up since the announcement was made and incorrectly reported through other media outlets.