Sunday, October 27, 2013

Massive Projects near 49ers new stadium begin to take shape

Megaproject next to 49ers stadium begins to take shape



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An artists rendering of early conceptual designs for Centennial Gateway, the latest version of a mixed-use project from Montana Property Group, which is partnering with Lowe Enterprises. It is located just south of where Related California is proposing a huge new mixed-use project on a city golf course. Both projects are being fleshed out and moving forward.
Real Estate Reporter- Silicon Valley Business Journal
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Plans for two of Silicon Valley's highest-profile real estate developments in decades are coming into focus for the area around the Levi's Stadium, where the 49ers will begin playing in 2014.
Related California, a subsidiary of the huge real estate firm Related Companies, today said it envisions eventually building out 1.5 million square feet of retail, 2.4 million square feet of office, a hotel and hundreds of residential units on a massive chunk of city land in Santa Clara.
At the same time, a group that includes ex-49ers quarterback Joe Montana fleshed out its plans for an adjacent property that also will include an upscale hotel, a Montana-operated restaurant, retail and office.
Together with the stadium, the two urban-style developments have the potential to build a social, economic and cultural center of gravity around the football stadium that drives additional tax revenue and economic growth for Santa Clara. Representatives for both companies came together with city officials to discuss the projects at a news conference this afternoon in Santa Clara.
“As some folks have said, we’re creating a city within a city,” said Santa Clara City Manager Julio Fuentes. This will appeal to all kinds of people, not only in Santa Clara but the whole area. This will be a signature development for us.”

Next Step for Related California

The Related California announcement comes six months after the firm entered into a deal with the city to explore the development of the site, currently a city golf course.
“We’re at the very preliminary stages,” William A. Witte, president of Related California, said in an interview. “But we’ve had enough discussions to feel really positive about this. We’re asking for the city’s blessing to proceed with thinking along these lines and solicit comment.”
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Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.


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