Sunnyvale’s Lawrence Station area is having a moment.
Olympic Residential Group began construction this week on a 412-unit housing complex at 1175 Aster Ave., the first phase of the Aster Avenue Master Plan that includes 1,500 square feet of ground-floor retail and a 519-space parking garage, the Silicon Valley Business Journal reported.
The 17-acre master plan could bring 741 residential units, fueling growth in an area where Intuitive Surgical, a clinical robotics company, and cybersecurity firm Fortinet have built headquarters. As many as 6,000 housing units are under development in the 72-acre area south of Caltrain tracks and across from the Lawrence Expressway.
“Sunnyvale is the crossroads of all the major tech firms,” said Olympic President Dan Deibel, whose firm was hired by JJ&W LLC, the owner of the master plan site, to redevelop it.
The apartment project is 50 studios, 212 one-bedrooms and 150 two-bedrooms. The rest of the Aster plan includes two condominium buildings at a 3.2 acre site that will total 189 apartments for sale and 140 two- or three-story townhomes built across 8.6 acres. The condos and townhomes will be developed by Toll Brothers.
Apple paid $44 million this year for a 105,000-square-foot industrial building at 123 Uranium Drive in Sunnyvale that it had been renting. LinkedIn leased a 175,000 square-foot office building in its hometown at 684 W. Maude Avenue and spent almost $123 million on a neighboring property that will support a new office and research complex at 810 and 870 W. Maude Avenue.
[Silicon Valley Business Journal] — Gabriel Poblete
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LinkedIn leases 175K sf Sunnyvale building, spends $123M on adjacent site