Kylli has received a green light to build a 49-acre, 2,600-home urban village in Santa Clara with an emphasis on the residential rather than office market.
The San Francisco unit of China-based Genzon Group was approved by the City Council for its Mission Point development at 3005 Democracy Way, the San Jose Mercury News reported. It would replace some single-story offices and parking lots.
A previous TRD story noted the City Council approval, but Mercury News clarifies the development plan. At the meeting, Kylli presented two versions of the project: one with 1,800 and 3 million square feet of offices, and another with 2,600 homes and 2.2 million square feet of offices. Both plans also include 100,000 square feet of shops and restaurants, 10,000 square feet of childcare facilities and 25 acres of parks and open space. Parking will serve 9,400 cars, including 3,000 underground.
The council favored the option to reduce the offices to 2.2 million square feet and add 800 more homes. The project, to be built in phases, could take a decade to complete. Kylli agreed to a 10-year development agreement with three five-year extensions.
The site now provides parking for nearby Levi’s Stadium.
Mayor Lisa Gillmor called the project a “valuable lynchpin” to area development.
“This is going to bring a different dynamic to that area once you have a residential development and the mixed use,” Gillmor said. “There’s a vibrancy that comes along with it.”
More than a decade ago, the 49-acre property was poised to become a Yahoo campus, with 13 office buildings. In 2015, Sunnyvale-based Yahoo killed the project and sold the property to Chinese tech company LeEco, which fell into disarray.
Kylli, an American subsidiary of the Shenzhen-based pharmaceutical and real estate firm Genzon, bought the project site zoned for 4.4 million square feet of offices in 2017 for an undisclosed price.
In 2022, the developer overhauled its plans for Mission Point, which once called for 600-foot, 6,000-unit residential towers and 3.5 million square feet of offices.
It scaled back plans, with a current limit of 19 stories, after the FAA expressed concerns about potential radar interference from the buildings.
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Kylli, founded in 2013, has more than $1.6 billion in assets under management in California, which include more than 500,000 square feet of offices in San Francisco, 800,000 square feet of offices under construction in Burlingame and more than 48 acres of land in Santa Clara, according to its LinkedIn page.
— Dana Bartholomew