Santa Clara Green Lights Mission Point Mega-Project
The U.S. unit of China-based Genzon Group has won final approval from the Santa Clara City Council for a massive mixed-use project known as Mission Point.
Kylli, the San Francisco-based subsidiary of Genzon Group, is planning to build up to 3M SF of office and research labs, 1,800 homes, 100K SF of shops and restaurants, 10K SF of childcare facilities and seven acres of parks and open space.
The urban village will rise on a 48-acre site at 3005 Democracy Way, on the south side of Tasman Drive, currently occupied by single-story offices and parking lots. The site is in proximity to Levi’s Stadium.
The development agreement approved for Mission Point, which is divided into four parcels to be built in phases, is for 10 years, with three five-year extension options. Kylli has agreed to reserve 15% of the apartment units as affordable.
More than a decade ago, the site was slated to become Yahoo’s global headquarters campus with 13 office buildings. Sunnyvale-based Yahoo killed the project in 2015 and sold the property to LeEco, a Chinese tech company.
Kylli bought the project site, which was zoned for up to 4.4M SF of offices, in 2017 for an undisclosed price. Kylli is a U.S. subsidiary of Genzon, a pharmaceutical and real estate firm based in Shenzhen.
Kylli originally planned to build 6,000 residential units, 3.7M SF of office space, 400K SF of retail and a hotel at the site, with high-rise buildings taller than 400 feet.
In 2022, the developer scaled back the plans, limiting the height of the towers to 19 stories after the FAA expressed concern about radar interference from the buildings. The developer also dropped plans for a hotel at the site.
According to the Mission Point project website, Kylli is planning to build a live-work-play community at the site that will transform the Santa Clara North district.
The marketing materials state that “residents and visitors alike will be drawn to its ample open space; mixed housing, including affordable units; state-of-the-art offices with amenities such as outdoor working areas and lab-ready configurations; and neighborhood services, including retail stores, restaurants, a grocery and a childcare facility.”
Kylli also is in the midst of building an 800K SF office complex known as Burlingame Point, designed by Gensler, on the Peninsula in Burlingame.
Santa Clara is aiming to add 4,500 homes to the Tasman East neighborhood near Levi’s Stadium. In February, the City Council approved Ensemble Investments’ proposal for a 21-story condo tower encompassing 198 units at 5185 Lafayette Street.
Source: GlobeSt/ALM