Agreement Reached on Maximum Buildout of Residences, Retail, and Office
SUNNYVALE, CA – Tuesday night the Sunnyvale City Council approved a Downtown Specific Plan and Development Agreement which enables the next phase of CityLine Sunnyvale. The agreement for the multi-phase downtown Sunnyvale project solidifies the future redevelopment of four parcels—including the former Macy’s parcel—in Sunnyvale’s Downtown Core into additional residences, ground-level retail, and office space.
CityLine Sunnyvale is developed by STC Venture, LLC, a joint venture between Sares Regis Group of Northern California (SRGNC) and Hunter Properties. CityLine Sunnyvale aims to enliven downtown Sunnyvale as an active, pedestrian-oriented, mixed-use district featuring new residences, a large public plaza, shopping, entertainment options, and office space planned across 36 acres. The approved Downtown Specific Plan allows for a buildout of an additional 792 residences and 653,000 square feet of office above 182,000 square feet of ground-level retail, jumpstarting the next phase in the project. STC Venture has already completed and delivered 198 new apartments and hundreds of thousands of square feet of new, leased retail space within walking distance to Caltrain, including a new Whole Foods Market and an AMC Theaters that will be open by late 2020. An additional 75 residences and retail tenant improvements remain under construction.
“We’re grateful to the City of Sunnyvale for entrusting us with this project in 2015, and we’re thrilled to move onto this next phase of transformation for downtown Sunnyvale,” says David N.P. Hopkins, Chief Operating Officer at SRGNC. “This approval creates the opportunity to build upon this neighborhood and create a downtown that future generations will be able to enjoy and build a community around. We’re thankful for the several years of dedicated hard work by City Staff and to the City Council for moving forward with our shared vision of Downtown. We can’t wait to take this next step towards many more great things to come for downtown Sunnyvale.”
The additional residential, retail, and office entitlements will flank the tree-lined Murphy Avenue extension, bringing additional foot traffic and enhancing the historic business district to the benefit of merchants and residents alike. The approved plan also includes a new, one-acre active public plaza bounded by diverse retail that will enhance and support an already vibrant downtown area and provide a green gathering place for the downtown community. The plaza will incorporate Redwood Square’s existing heritage redwood trees and add public open spaces, a water feature, picnic areas, play areas, and seating which can flexibly be used for both small and large gatherings.
“Downtown serves as the focal point for the City of Sunnyvale,” says Deke Hunter, Principal of Hunter Storm. “Redwood Square will enable and encourage town square activities for large-scale public gatherings, in addition to hosting farmers’ markets, concerts, and our Winter Ice Rink.” Community benefits provided to the City of Sunnyvale by STC Venture, LLC include a $10.6M contribution to the Sunnyvale Community Benefit Fund, up to 88 below-market-rate residences, the construction and maintenance of the public plaza, installation of LED outdoor lights and streetlights, three additional years of the Winter Ice Rink, and the construction of additional public parking and defined pedestrian walkways for shoppers and visitors to downtown Sunnyvale.
ABOUT SARES REGIS GROUP OF NORTHERN CALIFORNIA:
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, California. As leading developers and managers of commercial and residential real estate in the western United States, the companies have more than 6.5 million square feet of commercial properties valued at $500 million and over 2,800 residential units underdevelopment. Since its inception, the company has acquired or developed approximately 46 million square feet of commercial properties and 20,000 multifamily and residential housing units.
ABOUT HUNTER STORM:
Hunter Storm, the development arm of Hunter Properties, is a commercial real estate development firm with an emphasis on ground-up construction, repositioning of assets, and value-add improvements. Hunter Properties was founded in 1960 and the current partners, Deke Hunter and Edward Storm formed Hunter Storm in 1986, with Curtis Leigh joining the team in 2004. The company enjoys a strong track record by focusing its efforts locally with all major projects located in the San Francisco Bay Area.
DSP FOR CITYLINE SUNNYVALE APPROVED/PAGE 4/AUGUST 14, 2020
This allows the principals to leverage their market knowledge and expertise evenly across three product disciplines. Recent award-winning projects include Crossing 900 indowntown Redwood City, @First in San Jose which is a mixed-use project of over 1million square feet, Bass Pro at Almaden Ranch and Village Oaks in South San Jose. Current developments include Coleman Highline a transit-oriented development of over 1.5 million square feet across from San Jose International Airport.