Rich Development Breaks Ground in Fresno
- April 30, 2013
Rich Development, in partnership with Gryphon Capital and N3 Real Estate Partners is pleased to announce that construction has begun on the 398,000 square foot Marketplace at El Paseo in Fresno, CA. Anchored by Target, the $60 million project is scheduled to open in March 2014.
We are very excited to have broken ground on the Marketplace at El Paseo. This project will change the shopping dynamics of Northwest Fresno by bringing a strong mix of national and regional tenants to the area.
The center is currently 86% leased overall with its anchor/junior anchor space over 95% leased with such tenants as; Target, Ross Dress for Less, Petco, Burlington Coat Factory, Marshall’s and Old Navy. Based on the quality of tenants and the number of completed deals, we expect our remaining vacancy to be fully leased prior to the end of construction.
The partnership between Rich Development, Gryphon Capital and N3 Real Estate was finalized on March 22, 2013 and construction began on March 27, 2013.