Trumark Companies Sells Silicon Valley Site to BRE Properties for Development of Mixed-Use Village
- Apr 01, 2010
Sunnyvale, Calif.‑ Trumark Companies has sold 6.6 acres of land in Silicon Valley to BRE Properties Inc. for the construction of a mixed-use residential village.
The property, located just south of the Lawrence Expressway interchange on California State Route 237, is a designated “Gateway” site that will provide much-needed housing for the high-tech executive workforce in Sunnyvale.
“The City of Sunnyvale is a leader in environmental sustainability and responsible planning, and we worked closely with local officials to come up with a plan that met those high expectations,” says Jason Kliewer, partner and general counsel of Trumark Companies, a residential land developer headquartered in Danville, Calif. with an additional office in Irvine, Calif.
Trumark Companies specializes in turning vacant and underutilized infill properties into desirable residential and mixed-use communities.
The pedestrian-oriented village called Luminaire was designed and entitled by Trumark, which identified the buyer, the San Francisco-based REIT BRE Properties, as the appropriate construction partner to build the apartment and retail project.
Luminaire will embrace California’s outdoor lifestyle with outdoor living spaces, an interior courtyard with two pools and fountains, and an outdoor children’s play area. The pedestrian friendly design includes dual sidewalks and bike parking to access ground level retail and an outdoor dining plaza, and the residential units are wrapped entirely around the parking garage to hide it from view while allowing convenient, same-floor access for residents.
Given the extensive benefits to the greater community, Luminaire has won the support of key local organizations, including: the Greenbelt Alliance, the Bay Area Council, the Silicon Valley Leadership Group, Sunnyvale Community Services, the Santa Clarita County Housing Action Coalition and the Moffett Park Business and Transportation Association.
The approved plan is the result of a challenging two-year entitlement effort during which Trumark Companies and BRE Properties worked together in anticipation of completing the deal after the entitlement process was finalized.
“Any high density, urban infill project like this typically has prominent issues surrounding the environment impact report (EIR) and Luminaire was no exception,” Kliewer says. “The result of all that work will be something we can all be proud of – a vibrant new community that reflects the active lifestyles of young Californians and their respect for the environment.”
The 336-unit apartment community (which includes 16 work lofts) will feature brownstone walk-ups on the ground level, a spacious indoor/outdoor clubhouse, modern fitness center, business facility and conference room. The transit-oriented Luminaire is located within five miles of thousands of high-tech jobs and is within walking distance to neighborhood stores, restaurants and two light rail stations.