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Transactions - JUNE 29, 2016

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Two California cities approve stadium-adjacent projects

by Andrea Waitrovich

In California, two city councils recently approved mixed-used development projects near sports stadiums.

In Northern California’s Santa Clara, Related Cos. was approved to develop the $6.5 billion “city center” mega-project, located north of the recently completed Levi’s Stadium, where the San Francisco 49ers football franchise is based, making it the largest development project in Silicon Valley. 

The approval comes three years after the city first proposed the plan for the 240-acre city-owned site. The city is expected to generate $17 million in revenue through taxes and lease.

Once completed, the site will include 5.4 million square feet of office space, 1.1 million square feet of retail space, 1,680 residential units, 700 hotel rooms, 250,000 square feet of food and beverage space, and 190,000 square feet of entertainment space. Construction will begin by the end of 2017.

And in Southern California, Anaheim&rs

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