New real estate developer approved for Sunnyvale downtown
In an effort to revive the long-delayed, multi-million dollar real estate redevelopment of downtown Sunnyvale, the city council has unanimously approved transfer of the project to a new developer. The Sunnyvale City council, acting as the Sunnyvale Redevelopment Agency, granted permission at its Dec. 12 meeting for Fourth Quarter Properties to continue negotiations to transfer the 34-acre property and development agreements to San Mateo-based Sand Hill Properties and its financial backer, RREEF, a worldwide financial organization.
Sunnyvale Council members and city staff agreed that the transfer represented the city's best shot at getting the $400 million real estate renovation of the downtown quickly back on track.
"I think we have a very strong developer here," said council member Melinda Hamilton. "It's a positive step in the right direction.''
The real estate redevelopment plan is a mixed-use project designed to convert the old Sunnyvale Town Center mall into a traditional downtown with more than 1 million square feet of retail space, a quarter million square feet of commercial office space, and almost 300 housing units.

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