Yes, I think (unfortunately) the developers hit a mini "perfect storm" with Vintage Park:
1) I agree that they misjudged the market. They originally presented this as a sister to Uptown Park. Sorry, but that doesn't match the market out here. Remember the California Pizza Kitchen on 1960? It was the first store in that chain that they ever closed. Their post-close research showed that a) everyone thought they had a good product, but people weren't willing to pay for it. I think an Uptown Park clone would face a similar fate. Yes, they're just across the street from HP, but...engineers don't spend money the same way that accountants and lawyers do.
2) There is more than enough retail space hitting the market out here, and I'm sure all of it is cheaper than Vintage Park. Granted, Vintage Park is nicer than any of the other spaces available, but...ultimately, folks need to make a profit, and I think the Vintage Park folks have missed the opportunity to price competitively and kill off everyone else, and seem to be getting killed themselves instead.
3) With us heading into a slight downturn, they hit just a little bit of unfortunate timing.
4) They have thus far utterly failed in bringing in any magnet stores (other than, arguably, a Starbucks with a drive-thru)
They may pull this out yet (since I live in the area, I hope they do), but it's going to be a long, uphill battle...