Contact:
John Pilger
Adam Levermore-Rich
(408) 730-7535
December 12, 2006
Release # 12-05
SUNNYVALE, Calif. – The Sunnyvale Redevelopment Agency (RDA) has voted to give preliminary approval to a requested transfer of the Sunnyvale Town Center redevelopment project. The vote took place at the RDA’s Tuesday (December 12) meeting.
With the affirmative vote, Fourth Quarter Properties will be able to continue negotiations to transfer the property to RREEF, a global financial organization, and their partner, Sand Hill Properties. Fourth Quarter, which began demolition work on the redevelopment project in 2005, was found in breach of the development agreement by the RDA in early 2006. In late summer, the City notified Fourth Quarter that they would exercise an agreement option to directly acquire the property, the first step in an effort to bring in a new developer.
The development agreement grants Fourth Quarter the right to sell the development to another developer, but only with the permission of the RDA. Once REEF and Sand Hill were identified as potential developers, City staff began a due diligence inspection of both organizations, resulting in a report to the RDA with a recommendation to give preliminary approval to the requested transfer.