SANTA CLARA, CA-As GlobeSt.com recently reported, there are a few huge mixed-use projects in the works near the new San Francisco 49ers Stadium here. The projects promise to provide Santa Clara and the region with housing, office, retails shops, restaurants and jobs.
The first project will include approximately 1.5 million square feet of retail, 2.4 million square feet of commercial, approximately 530 residential units and a hotel. The other project is a $400-million entertainment themed mixed-use project that will include a hotel, office and entertainment transit-oriented development on three city-owned parcels.
GlobeSt.com quickly caught up with McKennna Long & Aldridge LLP's San Francisco office partner Jennifer Renk to discuss these proposals and what they mean for the city.
GlobeSt.com: What does this mean for the city of Santa Clara?
Renk: These two particular proposals sound like an incredible opportunity for the City of Santa Clara to optimize its investment in the new 49er football stadium. On the one hand, you have the undeniable star power of Joe Montana advancing a hotel/retail/office proposal right across the street from the stadium and, on the other hand, you have an ambitious “city within a city” proposal from Related Co. that will redevelop now prime and underutilized land in the ambit of the new stadium.
GlobeSt.com: What kind of revenue can be expected?
Renk: These proposals stand to generate extraordinary revenue for the City of Santa Clara, both directly and indirectly, which likely will help the processing of these applications. Under the California Environmental Quality Act, the usual bogies will be traffic, traffic, traffic, which the City may be willing to absorb in exchange for such profitable proposals.
GlobeSt.com: What will the entitlement process be like? What can be expected?
Renk: Time will tell how bumpy the entitlement road might be. While these projects are happening in the typically “business friendly” jurisdiction of Santa Clara, there is only so much traffic capacity to go around and only so much gridlock that those who live in the area will tolerate—even with Joe Montana's name on the marquis!”
GlobeSt.com will continue to follow these projects as they progress. Stay tuned.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
