Vallco Mall Developer Pledges $40MM for Cupertino Schools

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Vallco-Shopping-Mall-Cupertino-real-estate-The-Registry

By Brett Goetschius

Sand Hill Property Co., the Cupertino-based firm which acquired the 1.3 million square feet Vallco Shopping Mall in Cupertino last November for almost $320 million, has pledged $40 million worth of payments and improvements to the city’s schools if its ambitious development plan is approved. The offer, which would include a new elementary school, an “innovation center” for the city’s high schoolers, and a $1 million donation to fund a middle-school wilderness experience program, was announced by the school district on Wednesday.

[contextly_sidebar id=”qgrPTyj5nQxNbuX5fdd972HcVeukoLsg”]The offer was detailed in letters sent to parents by Cupertino school officials this week. In them, the officials said Sand Hill Property Co. had pledged to build a new elementary school for 700 students on a former school site on North Portal Avenue, replace portables with permanent buildings at Collins Elementary and Nan Allan Elementary schools, and refurbish play fields located between Collins and Nan Allan. In addition, the developer pledged a $1 million donation to the Cupertino Union School District to support the district’s 8th grade Yosemite wilderness experience.

Sand Hill would also build a 10,000 square foot “innovation center” at The Hills of Vallco, as the developer calls the redevelopment project, that would serve as a study center, project space, art gallery and space to “host robotics tournaments” according to a report in the Mercury News. All told, each of the city’s school districts would stand to receive more than $40 million in improvements and developer fees, if the Vallco development is green-lighted.

The school improvements package was disclosed as Sand Hill unveiled a $3 billion plan for the 50-acre Vallco site, which would include 625,000 square feet of entertainment space and retail, plus 2 million square feet of office space, along with 800 units of mixed market-rate, affordable and senior apartments. Much of the residential and commercial space would lie underneath some 30 acres of public parks and recreational space built on the roofs of the LEED-certified buildings, at a projected cost of over $300 million, according to Sand Hill representatives.

Sand Hill expects to submit a formal development proposal for the project in September. The project could come before the Cupertino city planning commission and council as early as the summer of 2016.

West Coast Commercial Real Estate News