Australian developer to build 15,000 US homes for Google
Lendlease to transform tech giant’s landholdings into mixed-use sites worth USD15 billion
Google has partnered with Lendlease to masterplan, entitle and develop three of its landbanks in the San Francisco Bay Area, the Australian development giant announced Thursday.
A joint agreement with the tech and search giant would see Lendlease build new neighbourhoods in San Jose, Sunnyvale and Mountain View with a combined area of up to 15 million square feet. The sites are expected to yield 15,000 homes.
Google chose Lendlease for its “wealth of knowledge and expertise” in residential, retail, and mixed-use developments, according to David Radcliffe, who serves as vice president for real estate and workplace services at Google.
“Today’s agreement expands on an existing and successful partnership that will help us deliver on two important objectives: our commitment to accelerate the production of residential units in the Bay Area, and our plan to build mixed-use developments,” Radcliffe said in a statement.
More: After Australia, acclaimed designer sets sights on Thailand
Apart from residential properties, the sites will have retail, hospitality, and other related components. Google will concentrate on the development of its office spaces.
“This joint agreement between Google and Lendlease will help address the need for new housing in the San Francisco Bay Area,” Denis Hickey, CEO for the Americas at Lendlease, said in a statement.
“We’re eager to contribute our world-class approach to creating unique urban communities, and we are focused on delivering outstanding places that redefine how people choose to live, work, connect and contribute to creating an active community.”
The partnership between Google and Lendlease will last the next 10 to 15 years, with development work set to begin in 2021, subject to planning approval.
Recommended
Why everyone is moving to Selangor and Johor: Malaysia’s real estate comeback
Malaysia’s upturn in fortunes is especially prevalent in secondary destinations such as Selangor and Johor
Penang’s silicon boom: How the US-China tech war is supercharging local real estate
Penang’s booming semiconductor industry has created ripples within the local real estate sector
New leader, new opportunities: How Hun Manet is shaking up Cambodia’s real estate game
Hun Manet is overseeing decent economic growth and widening access to the country’s real estate market for foreigners
Singapore embraces inclusive housing reforms amid resilient demand
The Lion City’s regulatory strength continues to exert appeal for international investors