SUNNYVALE APPROVES DOWNTOWN REAL ESTATE DEVELOPMENT PLAN
Unanimous vote will allow project sale, construction restart
SUNNYVALE, Calif. – By a unanimous vote, Sunnyvale City Council and Redevelopment Agency (RDA) approved a series of motions that will allow the partnership of RREEF and Sand Hill Properties to purchase the mostly-shuttered Sunnyvale Town Center Real Estate and begin site redevelopment. While the central Sunnyvale Town Center mall buildings have been closed for some time, independently-owned Macys and Target have remained open for business. The actions were taken at the Sunnyvale Council and RDA’s regular meeting last night (Tuesday, February 6).
“We have taken a giant step forward this evening,” said Sunnyvale Mayor Otto Lee, following the meeting. “RREEF and Sand Hill, working with City of Sunnyvale staff, have brought us a project that both meets the requirements of our Sunnyvale Downtown Specific Plan, yet moves well ahead of the plan proposed by the previous developer. This is an exciting project that will move us closer to the vibrant downtown Sunnyvale wants and deserves. I am very pleased my fellow Councilmembers saw fit to unanimously endorse this key development.”
The Sunnyvale real estate project came to a halt in early 2006 when developer Fourth Quarter Properties ceased work on the site after razing a parking garage, the first step in the demolition work. The City of Sunnyvale found Fourth Quarter in breach of their contract and, late last year, began to move to take over the project. That’s when Fourth Quarter proposed selling the project to a joint venture between RREEF, a global financing organization, and local developer Sand Hill Properties.
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