- Related Properties, the developer of Manhattan’s Hudson Yards, is building an $US8 billion mega-development in Silicon Valley,Curbed reports.
- The Santa Clara project will sit adjacent to Levi’s Stadium and will span 9.2 million square feet, according to the website.
- The architecture firm Foster + Partners will design the development.
- Engineers and tech startups continue to flood the San Francisco Bay area, causing a housing shortage and soaring rent prices.
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In March 2019, NYC’s newest neighbourhood, Hudson Yards, was officially opened to the public. At $US25 billion, it’s the most expensive development in US history.
Now, Related Properties, the developer behind Hudson Yards, is heading west to create what Curbed has dubbed “The Hudson Yards of the West”: An $US8 billion mega-development in Silicon Valley, the first phases of which are expected to open in 2023.
Site work on the 240-acre Santa Clara project, which used to be a public golf course, began in May 2019, Bloomberg reported. The finished development will sit adjacent to Levi’s Stadium – home to the San Francisco 49ers – and span a total of 9.2 million square feet. It will include 5.4 million square feet of office space, one million square feet of retail, dining, and entertainment space, 1,680 residential units, 700 hotel rooms, and a 30-acre park, according to its website.
According to Curbed, Uber has also proposed building a skyport over the development which would transport residents and visitors to and from the location via aerial ridesharing.
Silicon Valley is home to one of the country’s most competitive real-estate markets. An influx of tech workers over the past few years has caused one of the biggest price swells in San Francisco’s history. With the average-priced home now costing more than $US1 million, even fixer-uppers have sold for as much as $US600,000. Wealthy homebuyers have been known to bid hundreds of thousands of dollars over the asking price, and, as Business Insider’s Melia Robinson previously reported, 60% of tech workers in the area said they cannot afford a home in the area.
Manhattan’s $US25 billion neighbourhood – Hudson Yards – is the most expensive real-estate development in US history. The project spans 18 million square feet across 28 acres. The mixed-use development includes well-known structures like the Shed, a 200,000-square-foot arts center, and the Vessel, a 150-foot tall, climbable sculpture that cost $US200 million to build.