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Jobs-Housing Imbalance Fast Tracks Complex

SUNNYVALE, CA—This recent transaction is one of the largest single Santa Clara County residential land deals in years and shows how valuable entitled residential sites can be in prime Silicon Valley locations.

By Lisa Brown | lisabrown | Updated on March 07, 2016

The Vale Green inside and out are two pluses of the complex.

SUNNYVALE, CA—Watt Companies purchased a 24.5-acre industrial campus two years ago with the intention to redevelop the site into a high quality, urban-infill residential village. Watt, the third developer to attempt the redevelopment of the property, acquired the property in 2014, after convincing then-land owner, Spansion Inc., and the city of Sunnyvale to place its trust in Watt’s history and reputation.

With extensive knowledge in remediating and developing environmentally challenged properties, and significant re-entitlement expertise, Max Frank, division president of Watt Communities, then sought out a strong capital partner. He also worked to reassure the community and the Sunnyvale that redeveloping the property as a new residential development offered greater potential for quality of life and much-needed ownership housing, given the jobs/housing imbalance in the city. In late 2015, Sunnyvale approved an entitlement package for the project that included an environmental impact report that addressed the property’s historical environmental challenges, allowing 450 homes in a neighborhood surrounded by some of Silicon Valley’s most notable tech companies.

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