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Valley Oak Partners looks to build 584 homes on Oracle land in Santa Clara
Proposal comes as software giant tries to offload 65% of its campus
Valley Oak Partners is looking to redevelop part of Oracle’s office and research campus in Santa Clara into more than 500 homes.
The developer has plans for a 38-acre residential development with 416 townhomes, 120 apartments and 48 single-family homes, the Mercury News reported, citing city planning records.
The development will sit on Oracle’s campus, located at 4120 Network Circle near Montague Expressway and Lafayette Street, according to the Mercury News, and include more than 5 acres of public parks.
The new plans come as the enterprise software giant tries to sell about 53 acres of its total 81-acre campus. The tech company first listed the acreage in late 2022, but has yet to sell it.
It’s unclear whether Valley Oak is planning to build this new housing on the plots Oracle plans to sell.
Oracle bought the property — which formerly housed a state mental hospital — in 2020. About 15 acres of the site includes an iconic Mission Revival clock tower.
As an increasing number of companies look to shed some of their real estate in light of remote work, many developers are evaluating whether some of the properties can be either demolished for housing or converted into residential uses.
Last month, Irvine Company filed plans to build nearly 1,800 homes in Santa Clara to replace a dozen office buildings at 2518 Mission College Boulevard.
In San Francisco, voters recently passed a ballot measure to help spur conversions of office properties into housing. The proposal, known as Measure C, will waive real estate transfer taxes on all converted buildings sold for the first time. The transfer tax previously varied from 0.5 to 6 percent.
— Isabella Farr