Lendlease announced it has entered into an agreement with Google to jointly undertake the master planning, entitlement, and development of three areas in the San Francisco Bay Area.
Over the next 10 to 15 years, the two companies will work together to redevelop Google’s landholdings in San Jose, Sunnyvale, and Mountain View. Lendlease estimates it will develop 15 million sf of residential, retail, hospitality, and associated community uses in the new neighborhoods. Additionally, Google will focus on developing its office space within these communities.
“Today's agreement expands on an existing and successful partnership that will help us deliver on two important objectives: our commitment to accelerate the production of residential units in the Bay Area, and our plan to build mixed-use developments,” said David Radcliffe, Vice President, Real Estate and Workplace Services, Google. “Lendlease will play a key role in helping deliver at least 15,000 new homes on our land.”
The residential, retail, hospitality, and other civic components have an estimated end development value of $15 billion. Development could begin as early as 2021.