"This project, looking at the real estate side of it, and the fact that we we own it, it's whipped cream with a cherry on top," said Mayor Lisa Gillmor prior to the vote. "Not only will we get the development that services our community, but also we'll reap the financial benefits of having a cash flow into our general fund for generations to come." Even though Santa Clara approved the development after reviewing lengthy impact, environmental and zoning reports, regulatory agencies and utilities have yet to approve the project over concerns about allowing water hookups — perceived as the biggest threat to approval — and housing over a landfill site.
"We feel very excited about the project. It's the biggest project in the history of Santa Clara," Santa Clara's acting City Manager Rajeev Batra said. "We do not have a destination. We do not have an entertainment center, restaurants, or retail. So people in Santa Clara have to go elsewhere like San Jose or other cities like Campbell." The city has projected that it will receive up to $16.9 million in annual tax benefits, along with $9 million to $14 million in yearly rent revenues, once the project is up and running.
The 239-acre mixed-use development will be separated into five parcels, each of which will be developed in phases. The largest parcel will house the City Center and the majority of the residential, entertainment, retail, and restaurant space. It's anticipated that construction of the first phase will commence in 2017 and be completed by 2020. Future phases consisting of office space, with a mix of retail, as well as food and beverage offerings, will be developed over a period of 10-15 years and subject to market demand. Construction costs are tagged at $5 billion, with more than 80% of the work to be handled by union labor.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment