On September 16, the Tivoli Plaza shopping center in Dublin officially opened its doors. Attending the grand opening ceremony were notable figures such as Santa Clara County Supervisor Sylvia Arenas, Dublin Mayor Melissa Hernandez, and other Bay Area political and business leaders.
The developers, Ben He and Eddie Li, shared that this marks their first venture into commercial real estate development. They faced numerous setbacks during the pandemic but managed to complete the leasing process successfully. With Dublin being a highly safe and livable area, along with its excellent school districts, many tech companies are relocating there, positioning the city as a potential new hub in Silicon Valley. This development suggests that Tivoli Plaza will serve as a bustling retail center for the entire region.
Reflecting on their accidental entry into real estate, He recounted how an invitation back in 2017 to meet a well-known Chinese real estate developer opened his eyes to the potential in Dublin. The developer presented Him with the opportunity to invest in local properties, which sparked interest. With Dublin’s government keen on establishing high-tech office spaces and offering lower property prices than San Francisco and San Jose, He realized this was a valuable opportunity and decided to invest.
Planning for the project began in 2018, and by January 2020, governmental approval was granted. However, the onset of the COVID-19 pandemic that March forced them to halt developments on another project, allowing them to dodge some of the pandemic’s harshest impacts.
Despite the pandemic creating uncertainty in leasing, with potential tenants backing out due to fears of reduced customer flow, He and Li adapted. One notable example was a Taiwan-based entrepreneur who initially signed a ten-year lease for a preschool but later withdrew, concerned about pandemic implications. Fortunately, they managed to secure a more established preschool brand that has successfully filled all 160 student slots and even created a waiting list.
Li noted that the new shopping center required substantial upfront investments from tenants for renovations, which also deterred some potential business owners who were wary of economic instability. Nonetheless, this challenge turned into an opportunity. As the pandemic’s grip loosened, all 15 leasable spaces in Tivoli Plaza were filled, featuring a mix of businesses including an Indian supermarket, restaurants, and a Korean hot dog shop.
He expressed confidence in Dublin’s growth potential, highlighting the city’s impressive average household income of $160,000, solid school districts, and increasing Asian population. He firmly believes that Tivoli Plaza will evolve into a retail epicenter radiating from Silicon Valley, attracting customers from Castro Valley and San Leandro.
