December 22,2018-
Jobless Rate at 8.6 percent
The unemployment rate in the Tulare County was 8.6 percent in November 2018, up from a revised 8.3 percent in October 2018, and below the year-ago estimate of 9.3 percent. This compares with an unadjusted unemployment rate of 3.9 percent for California and 3.5 percent for the nation during the same period.
Deal finalized at key Porterville corner
Developer Dave Paynter and partner Sunny Basra have purchased the old Porterville Hotel site at the NE corner of Main and Olive in Porterville and plan to build a 33,000sf building on the spot. The long-vacant Cornerstone property will get new activity once again. Paynter says 2 floors of the three-story building have been leased to Tulare County who will locate the DA and public defender offices here, near the new county courthouse. Paynter says the complex should be ready for occupancy in early 2020. The ground floor will be a retailer or restaurant – fitting in with the Downtown Porterville landscape.
“We worked with the city and county to coordinate this project” says Paynter. The old hotel site suffered a fire in December 2013 and plans to replace the landmark have been ongoing since.Negotiations with developers have been underway for several years.
Women’s clothing store to replace Wet Seal at Visalia Mall
Visalia Mall announced the leasing the 3,850 SF (former Wet Seal) space to Cotton-On, an Australian clothing store. Their primary retail focus is on women’s, men’s and children’s clothing, and directly related accessories. The store will be located next to Kay Jewelers near Macy’s / Fashion Court. Store opening planned for 2nd quarter 2019. Wet Seal closed in 2017 after the chain went bankrupt.
Old drive-in movie theater will become business park
Tulare County is processing an application to build the Sequoia Drive-In Business Park Project at the site of the vacant 1950 built drive-in theater between Visalia and Farmersville. The 46.17-acre site would be developed into a phased business park . Phase 1 will include a convenience market with gas pumps and an attached fast-food restaurant, along with five separate commercial buildings for a total combined square footage of 68,340. Direct access into the development of Phase 1 will occur on Road 156, and will eventually connect access from Noble Avenue during Phase 3. Phase 2 will result in the development of 14 commercial buildings for a total combined square footage of 88,000.An EIR of the project is open for comments through February 4, 2019. Castlewood Partners led by Don Fulbright is the developer.