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Apr 5, 2013, 1:42pm PDT

What's happening here: University Associates Silicon Valley


This rendering from 2009 shows an artist's conception of the University Associates-Silicon Valley development at Moffett Field.
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This rendering from 2009 shows an artist's conception of the University Associates-Silicon Valley development at Moffett Field.
Real Estate Reporter- Silicon Valley Business Journal
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This week, The Business Journal launches a new occasional feature shedding light on a development project in the Valley that's fallen below the radar. We're starting with University Associates Silicon Valley -- a major tech campus whose plans first surfaced in 2008. Catch previous coverage here.
Interested in the status of a long-ago proposed office tower? Curious about a vacant lot? Email me to suggest future entries.
What was it?
University Associates-Silicon Valley LLC was a joint venture of UC Santa Cruz and the Foothill-De Anza Community College District. The JV planned a 77-acre, 3 million square foot campus of housing, office, classrooms and laboratories at Moffett Park. With much fanfare, UA-SV signed a 95-year ground lease with NASA in Dec. 2008, and selected TMG Partners/The Related Cos. as master developer. Then — nothing.
What happened?
TMG/Related dropped out when the economy crashed, Gordon Ringold, US-SV’s CEO, said. Another development partner, whom Ringold declined to identify, joined up in November 2011. But in late December 2012, that partner pulled out. Ringold declined to say why.
What’s next?
Now UA-SV is “in active discussions” with a new master developer, and hopes to have a signed agreement in the next few weeks, Ringold said. Ringold would not disclose the developer but said it has the ability to do “big, complex projects.”
What’s the challenge?
The site requires a significant amount of infrastructure development before new buildings can be built. Public/private partnerships can be very complex. But the resurgence of office values could make the project attractive. “We have very good understanding and clear objectives,” Ringold said. “Now it’s a matter of finding — as it has been from Day 1 — a partner who has the financial wherewithal and the skill set to work on what will be a complex federal public-private partnership.”
Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.
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