Santa Clara City Council approves supplement to term sheet for Related City Center Project

City considering land lease for master-planned community developed by Related California....

June 27, 2014 — Related Companies, a national developer of large-scale mixed-use properties, today announced the Santa Clara City Council, acting as the Sports and Open Space Authority, will consider approval of a supplement to the term sheet for City Place Santa Clara at its July 1, 2014 meeting. This supplement describes the basis upon which the city will consider leasing the property to the developer at completion and approval of the project environmental review and rezoning of the property.

Related plans to create a master-planned community, including a mixed-use “city center” that will provide Santa Clara and the region with housing, office, retail, restaurant, hotel and jobs on land that is currently a 230-acre golf course and BMX track near the San Francisco 49ers Levi’s Stadium.

“This is a major step in the future of Santa Clara,” said Mayor Jamie Matthews. “Since the 1960s when we lost the vibrancy that once supported our historic downtown in, Santa Clarans have longed for a city center where residents can work, shop, dine and enjoy sports and cultural entertainment. Equally important, we have an opportunity to improve the land that currently contributes little to our city budget and transform it through a project that will generate tens of thousands of jobs and tens of millions in annual revenue to our general fund for city services.”

In April, 2013, the City signed an exclusive negotiating agreement with Related Companies, one of the most prominent and well-financed privately owned real estate firms in the United States.

The nearly 8 million square foot project will include approximately 1.5 million square feet of retail, dining, hotel and entertainment uses, over 5 million square feet of office space, approximately 400 residential units and a hotel.

Related will continue to work with the City and the Montana-Wittek-Lowe Enterprises entity which also has an exclusive negotiating agreement with Santa Clara to integrate the developments north of the San Francisco 49ers’ new Levi’s Stadium.

“This project is a compelling and exciting opportunity that follows our track record in placemaking and delivering world class transformative mixed-use developments” said Bill Witte, president of Related California. “We look forward to continuing our partnership with the City of Santa Clara and all stakeholders, and to create a dynamic city center in a strategic location that will itself be a new destination that better capitalizes on the area’s full potential.”

The development is north of the Levi’s Stadium, adjacent to the Santa Clara Convention Center and near California’s Great America amusement park. The site is easily accessible via Highways 101, 880, 237, light rail and Amtrak.

[button href=”” style=”emboss” size=”medium” color=”#1e73be” hovercolor=”#dd9933″ target=”_blank” icon=”external-link”]Source: Related California[/button]
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