The Cupertino Courier

News

Cupertino Square and 3 parcels are bought by local investors

By Crystal Lu

The owners of Cupertino Square--formerly Vallco Fashion Park--have sold three plots of land and their managing stake in the mall to local investors.

Evershine Property Management, manager of Cupertino Market Place on Stevens Creek Boulevard at Portal Avenue, bought three parcels that total 13 acres for an undisclosed sum about two weeks ago.

At the same time, Orbit Resources, a global investment company with an office on Stevens Creek Boulevard at Finch Avenue, bought a controlling stake and took over mall management for an undisclosed sum. Alan Wong, Emily Chen and John Nguyen, the previous owners, will remain involved but Orbit will take the lead, said Mike Rohde, the mall's general manager.

Cupertino Square's redevelopment, closely watched by the city, will likely continue as planned because the buyers' options are limited by development agreements.

"In order to preserve the existing entitlements, they would have to do something very similar. Right now we're working on the assumption that it is going to be the same," said Kelly Kline, Cupertino redevelopment and economic development manager. Changing the plans would require extensive work with city staff and final approval by the Cupertino City Council.

"I would assume there's going to be some parallel to what has been discussed or approved with the city," said Rohde.