SUNNYVALE TOWN CENTER SOLD
Purchase by new developer opens path to resume redevelopment project
SUNNYVALE, Calif. – The nearly 25-acre site that comprised the shuttered Sunnyvale Town Center mall has been sold. The transfer to the new owner is a major step in the resumption of the redevelopment of this major project in the heart of Sunnyvale.
Downtown Sunnyvale Mixed Use LLC, a corporation created by RREEF and Sand Hill Property Management, closed on the purchase from Fourth Quarter Properties XLVII LLC Friday, April 27. The sale marks the end of Fourth Quarter’s role as site developer for the creation of a new traditional-style downtown to replace the mall. Fourth Quarter was charged with being in default of their agreement with the City’s Redevelopment Agency (RDA) in 2006, following a cessation of work on the site. Fourth Quarter proposed selling the land to RREEF and Sand Hill Property Management last December, a move approved by the RDA.
The sale includes nearly 25 acres of the 36-acre project site, and contains the Sunnyvale Town Center mall building, with the exception of Macy’s and Target, each of which is separately owned. The parking structure adjacent to Target, which is owned by the City, was also excluded from the sale; a total of nearly 12 acres in the project area remains City-owned.
Downtown Sunnyvale Mixed Use, as the new owners, received a demolition permit from the City shortly after the sale was completed. The permit will allow the developers to actually begin razing the old mall structure, a process that is expected to take three to four months.
During late spring and early summer, the City is expected to complete reviewing a wide variety of plans from the developer, including architectural plans, amended site plans, landscaping plans and the design of Redwood Square. The City also expects to schedule at least one public outreach meeting to receive public comment on the project. There will also be public outreach meetings held on a regular basis to discuss demolition and construction issues, although specific dates have yet to be set.
Information on the redevelopment project is frequently updated on the City’s Web site at Downtown.inSunnyvale.com as well as through local news media and Community Updates issued by the City.