Neiman Marcus’s Walnut Creek Approvals Repealed

The Business Journal is reporting that the Walnut Creek city council has repealed (for now) its approval of the Neiman Marcus store slated for development by Macerich at Broadway Plaza.

We previously wrote about Neiman Marcus’ Walnut Creek plans last year (here and here).

Considering that the news was that NM had signed a lease, we would guess this probably helps them out a great deal. First, they’re out of a lease at a time when their business is struggling, and secondly, construction costs and rents have fallen markedly since then allowing them to likely retrade the terms should they elect to come back to the table. We don’t know all the details and we’re just speaking high level, but typically a lease is contingent on entitlements – and with the approvals being withdrawn, they likely have their out.

[via Business Journal]

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