Land Transfer Pushes Mixed-Use Residential Project in Silicon Valley Forward
- Mar 30, 2010
March 30, 2010
By Barbra Murray, Contributing Editor
Job losses and the recession have depressed the national apartment market, but there are those small pockets that have continued to experience demand, like the town of Sunnyvale in California’s Silicon Valley, where a big step has recently been taken in the development of the 336-unit Luminaire mixed-use residential project. Trumark Cos., having designed and entitled the project, just completed the sale of a 6.6-acre parcel to its construction partner BRE Properties, which will erect Luminaire on the site as a market-rate alternative for the multitude of high-tech industry employees that work in the area.
Trumark pocketed approximately $14.5 million from the sale of the land to its designated building partner. Located along Lawrence Station Road, the parcel sits just off California State Route 237. In addition to the apartment units, pedestrian friendly Luminaire will feature 16,000 square feet of ground-level retail space.
“The site is very unique, in part because it’s surrounded by job opportunities, and it’s dead center between two light rail stations,” Christopher Davenport, Senior Vice President with Trumark, told CPE. “It’s a really underserved area, so this project could assist in attracting an employment base for area companies; it’s filling that void.”
Development of Luminaire is now in the hands of BRE, which declined to comment on the endeavor. The price tag for the project has not yet been disclosed. However, according to BRE’s 2009 annual report submitted to the Securities and Exchange Commission, the company documented a total estimated construction cost of approximately $580 million for four multifamily projects of various sizes in Southern and Northern California, including Luminaire.