Here's word from LT's San Jose website:
Living Tomorrow San Jose concept (Source: Businessweek)
Living Tomorrow has been generating a lot of excitement, positive reactions from potential participants ever since announcing its upcoming Silicon Valley project. Living Tomorrow has always been proud of the sponsorship returns it is able to provide its participants. However, due to construction issues, pricing and the resulting timeline consequences, Living Tomorrow couldn't guarantee its potential participants a return on investment that would be at the levels we typically provide to our participants in Europe. Because of this, Living Tomorrow has decided not to develop a Silicon Valley project at this time. Living Tomorrow thanks you for your support and continued interest, and if your company would like to explore participation in Europe, we would be happy to welcome you as a participant in our second Living Tomorrow project currently in development in Amsterdam. Peter Bongers and Frank Beliën - Chairmen & Founders Living Tomorrow
Merc story here.
Vis their site, the SJGP says:
Racing on Park Avenue (Source: Logographer.org)
After three years as one of Bay Area's largest sporting events, organizers of the San Jose Grand Prix announced today they are ceasing operations, citing the ongoing development taking place in the downtown area.
Commercial and residential developments in and around the 1.5 mile downtown track continue to limit the options available to the Grand Prix for revenue growth and expansion. In addition to new housing developments on Balbach Street (which served as the back straightaway) and the impact to its residents, race organizers were faced with the loss of its main grandstands on Almaden Boulevard due to upcoming construction in the Boston Properties lot.
"The reality of racing on a temporary street circuit is that change happens continuously and this is especially true in a dynamic and growing city center like downtown San Jose," said Grand Prix President Dale Jantzen. "Development is good for San Jose but in this case, bad for the Grand Prix. We have not found a way to replace the loss of one of our primary revenue sources, the Gold Grandstands on Almaden Boulevard," stated Jantzen. "Boston Properties is set to undertake some major developments in the area and that means the San Jose Grand Prix is no longer viable in its current location and will not operate in 2008 or beyond."
The Grand Prix provided the City of San Jose with world-wide exposure as part of the Champ Car World Series. Broadcast nationally and internationally, in each of its three years the race attracted well over 100,000 fans for each event. In addition, the City of San Jose estimated that the economic impact to America's 10th largest city was approximately $70M over the three year period.Grand Prix organizers wish to thank the fans and other supporters who came to the event and participated in all of its festivities. In addition, race organizers thank those companies that supported this event in their community, specifically Redback Networks, Taylor Woodrow, Bottomley Distributing (Budweiser) and the Northern California Toyota Dealers. Finally they would like to thank the City of San Jose for being a good partner and host.
Merc obit here.