Letter to Editor: April 22, 2009

I have been in retail development for 27 years. My company is the largest retail developer in Northern California. We know the West Coast market and what every tenant is doing.

Recently, an article on the Knighton rezone application had several misrepresentations made by the Hawkins Company.

First, the property I own at Riverside and Interstate 5 is 16 acres, not 11 acres. There is another 24 acres abutting my property that has 16 acres zoned for retail for a total of 32 acres. This land supports 320,000 square feet of retail, more than enough to meet the needs of this community.

If more (land) is needed, the eight acres not zoned for retail development that is part of the adjoining property is a prime candidate. That would bring the total area to 40 acres or 400,000 square feet (of retail).

Paul Stevens of the Hawkins Company is incorrect in representing that Target and Wal-Mart are interested in locating at the Knighton property. Target is completely out of the market having cut back their previous goals of hundreds of stores per year to ten for 2009.

Furthermore, I-5 and Riverside is superior to Knighton per Target's real estate representative due to its spacing from their store in Redding. Both Knighton and my site are too close to Wal-Mart's existing store in Anderson, per their representative.

Further, Mr. Stevens makes his case about his company having financing and how this would attract these retailers. Financing is irrelevant in this case. The major retailers buy their land and use their own financing to build their stores. Currently, virtually all of them are unwilling to use their money to build new stores. As noted, I will sell my land at my cost - $6.00 per square foot - and I am sure the adjoining property owner will sell his 24 acres as well. In fact, I had it in contract at a reasonable price before the market turned.

Sincerely, Paul Petrovich, Petrovich Development Company