Lendlease has announced it has entered into an agreement with Google to jointly undertake the master planning, entitlement and development of three major areas in the San Francisco Bay Area in California.
Lendlease and Google will jointly deliver new mixed-use neighbourhoods developing up to 15 million sq. feet of residential, retail, hospitality, and other associated community uses in the new neighborhoods. Google will focus on developing its office space within these mixed communities.
Denis Hickey, CEO Americas, Lendlease, commented:“This joint agreement between Google and Lendlease will help address the need for new housing in the San Francisco Bay Area.
“We’re eager to contribute our world-class approach to creating unique urban communities, and we are focused on delivering outstanding places that redefine how people choose to live, work, connect and contribute to creating an active community.”
David Radcliffe, Vice President, Real Estate and Workplace Services, Google, added: “Lendlease has a wealth of knowledge and expertise in residential, retail, and mixed-use developments.
“Today's agreement expands on an existing and successful partnership that will help us deliver on two important objectives: our commitment to accelerate the production of residential units in the Bay Area, and our plan to build mixed-use developments. Lendlease will play a key role in helping deliver at least 15,000 new homes on our land.”
Under the terms of the agreement, Google and Lendlease will work together for the next 10 to 15 years to redevelop the company’s landholdings in San Jose, Sunnyvale and Mountain View into vibrant mixed-use communities.
The residential, retail, hospitality and other associated civic components have an estimated end development value of approximately $15bn. Subject to planning approval, development work could commence as early as 2021.