Santa Clara, Calif. (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." (NEED APPROVAL)
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.
About Related California
Related California, an affiliate of Related Companies, is a fully integrated real estate firm that develops affordable and market rate multifamily and mixed-use residential properties in California.
Since opening the west coast headquarters in 1989, the company has completed more than 9,600 residential homes and has a track record of consistently developing best in class communities that represent industry benchmarks in design, construction, sustainability and property management.
The company has a long history of community partnership, having collaborated with over 20 municipalities and over 25 non-profit organizations throughout California. Related California has successfully developed properties in San Francisco, Alameda County, Contra Costa County, Santa Clara County, Los Angeles City, Los Angeles County, Orange County, San Bernardino County, San Diego, and San Diego County. The Related California portfolio includes more than $2.5 billion worth of developments. For more information about Related California, visit www.relatedcalifornia.com
Partial List of Related California Projects:
The Century, Century City, Los Angeles Grand Avenue, Los Angeles The Paramount, San Francisco Willets Point, Queens The Village at Santa Monica, Santa Monica
About Related Companies
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao Paulo and Shanghai and an existing portfolio of real estate assets, valued at over $15 billion, made up of best-in-class mixed-use, residential, retail, office and affordable properties. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s West Side. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices.
Related is staunchly committed to sustainable design with over $10 billion in green development underway or completed. Related also owns Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering, and a partnership interest in Union Square Events, the catering, culture, sports, and events business of Danny Meyer’s Union Square Hospitality Group. For more information about Related Companies please visit www.related.com.
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