A Chinese developer has released its plan to build a mixed-use development with 3.06 million sq.ft. of office space; 3,500 residential units; and an unspecified amount of retail space at Santa Clara.
Proposed by realty firm Kylli, the project will rise on a 48.6-ac. site formerly owned by Yahoo. The property sits near the corner of Tasman and Patrick Henry drives.
“The large, signature property is at the crux of the revitalization of northern Santa Clara,” Kylli stated in a letter sent Oct. 17 to city planners. The developer said the project would be “within walking/biking distance of regional destinations such as Great America, the 49ers stadium and the exciting new retail planned at City Place.”
“The addition of an array of new housing choices within walking distance of premiere office space will help entice new businesses to locate and grow in the city,” Kylli stated.
In June 2016, the site was purchased by LeEco Real Estate, a unit of China-based electronics giant LeEco. It consists of four existing buildings and empty lots.
LeEco also had plans for the property, proposing 3.06 million sq.ft. of office space. However, in early 2017, the company experienced financial instability and laid off 325 employees in San Jose, about 85 percent of its workforce in Silicon Valley.
Kylli acquired the site from LeEco Real Estate, but the purchase amount has not been announced.
The developer submitted its proposal to the city as a general plan amendment. According to The Mercury News, it could potentially take years before the approval process begins.
