October 14, 2008
Sand Hill Property’s 17.4 acre mixed-use project in Cupertino is slated to go before the planning commission for a preliminary review later this month. Sand Hill acquired the 17.4 acre parcel from Hewlett Packard earlier this year for roughly $65M ($85 psf) and is proposing a project which would include:
- 150,000 square feet of retail
- 100,000 square feet of office
- 150-key hotel
- 145,000 square feet health club
- 160U senior housing
- 5-level parking garage
Alternatively, a variation of the project is also being proposed; one which replaces the health club with an additional 105,000 square feet of office and 100 additional hotel rooms.
If approved, the project would still require the city council to approve it, but would be a vast improvement over the project which Toll Brothers received approval for but never built (Cupertino citizen’s succeeded in getting a referendum measure against the development to pass).
Sand Hill has an equity partner in the project and has arranged financing through Bank of America and Principal Real Estate Investors for the project.
- Cupertino Approves Main Street Project
- Cupertino Landing Lease in the Works
- 155,000 Square Feet of Class A Office Space Being Proposed in Cupertino
- Sunnyvale City Center In Trouble – Developer Wants To Convert to Public-Private Partnership!
- Apple Leases 60K SF Cupertino Landing Office Building; Blue Coat Sublease Next?