53 of 479 Homes Will Be Offered at Below Market Rate
SUNNYVALE, CA – Monday night the Sunnyvale Planning Commission approved plans for CityLine Sunnyvale to develop a 12-story, mixed-use project at 200 S. Taaffe Street in downtown Sunnyvale. The two-building development will include 479 homes, 30,000 square feet of retail, and a new, public open space at Redwood Square which will function as the “living room” of Downtown Sunnyvale, anchored by these two buildings and the new Whole Foods market and AMC Theaters which opened nearby in late October. Fifty-three of the homes will be offered at below market rate, providing housing for qualifying households with income levels ranging from about $55,000 per year up to $130,000 per year.
The iconic project will feature architecture that includes a gracious resident arrival, generous indoor and outdoor amenities focused on health and wellness, and views which have yet to be offered in comparable Downtown Silicon Valley locations. The homes will take advantage of design qualities—such as expansive glass that provides ample daylight and tall ceilings—which can only be provided in a high-rise, concrete building.
200 S. Taaffe Street is the first of four upcoming projects slated for phase two of CityLine Sunnyvale that will redevelop four parcels in Sunnyvale’s Downtown Core into additional residences, ground-level retail, and office space. 200 S. Taaffe will be built in tandem with the new office project located on the adjacent former Macy’s parcel.
CityLine Sunnyvale is developed by STC Venture, LLC, a joint venture between Sares Regis Group of Northern California (SRGNC) and Hunter Properties.
“The approval of this project signals the continuing forward momentum for CityLine Sunnyvale following the opening of AMC Theaters and Whole Foods Market last year, and the continuing construction progress of the 75 new apartments in Phase II of The Flats,” says Travis Duncan, Assistant Vice President at SRGNC. “We appreciate the trust the Community, Sunnyvale City Staff, Planning Commissioners, and City Council members have put in us to transform the downtown district into a vibrant, pedestrian-oriented neighborhood that will be enjoyed by residents and visitors for many years to come. We are one step closer to achieving our long-term vision, and we’re thrilled to see the first project in Phase II fall into place for Downtown.”
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. A Downtown Specific Plan approved last year allows for a buildout of an additional 817 residences and 709,000 square feet of office above 642,000 square feet of ground-level retail. 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 the recently opened Whole Foods Market and an AMC Theaters. An additional75 residences are due to open Summer 2021 and retail tenant improvements remain under construction across the project.
Community benefits to be provided to the City of Sunnyvale through the Development Agreement approved last summer include a $10.6M contribution to the Sunnyvale Community Benefit Fund, up to 88 below-market-rate residences, the construction and maintenance of the Redwood Square 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.
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.