NVIDIA Gets Go Ahead to Build 2M SF Campus in Santa Clara

Santa Clara-based NVIDIA (NVDA: 17.55 +3.72%) has received city council approval for the construction of a nearly 2M square foot campus on the site of the current San Tomas Business Park which it acquired earlier this year from Harvest Properties and Black Rock for nearly $150M. The site currently is 35.6 acres.

The City of Santa Clara unanimously approved the project. At a ULI event in September, Harvest Properties’ Jonathan Winther indicated that Harvest Properties would develop the campus for NVIDIA.

The new campus plan calls for three LEED office and R&D buildings of up to eight (8) stories each. The development will be phased to allow up to 1,950,000 square feet with parking structures to accomodate up to 7,050 vehicles. The project is located at 2600-2800 San Tomas Expressway, at the intersection of San Tomas Expressway and Walsh Avenue. The approval provides for 40% coverage at a FAR of 1.26 on the 35.6 acre site and re-zones the ML (light industrial) site to PD (with an Office/R&D designation), and allows for building heights of up to 132′.

Because the city is allowing a phased approach to the development, it seems NVIDIA might still proceed with the construction of the campus despite current economic conditions. Falling commodity prices, hungry contractors, and falling interest rates are all reasons to start construction now.

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