Late Tuesday, the largest private development project in Silicon Valley’s history was approved by Santa Clara’s city council.
Related Companies was given the green light for the $6.5 billion project. It will be known as City Place and will consist of a mixed-use center and office campuses. The site (5155 Stars and Stripes Dr) is just North of Levi’s Stadium and currently is home to a gold course and dirt-bike track.
The idea is to make Santa Clara somewhere people visit. The project has a total of 9.7 million square feet and will include offices, retail, 700 hotel rooms, and up to 1,360 apartment units totaling 9.16 million square feet. Along with those plans is also a 35 acre park. Related is shooting to start construction at the end 2017 with completion in 2020.
Among the excitement to make Santa Clara a destination, there is some hesitation from neighboring cities that there may be some negatives being overlooked by the rent City Place is estimated to generate ($17 million). There is concern for a water shortage, which approval from the State Water Resources Control Board is also needed. Another negative is the impact traffic and parking, which residents already note is “horrible”. On top of all this, although it will bring in thousands of jobs, the amount of homes available may drive up housing costs. To counteract this, the city of Santa Clara claims there are 10,000 units in the general plan.
Whether for it or unsure, this will definitely change the landscape of Santa Clara. What are you thoughts on the new mega project?
To read more, please visit NBCbayarea’s article Santa Clara Approves $65B Megaproject and see what other locals are saying.