Separate Proposals By Related Companies, Partnership of Lowe Enterprises and Joe Montana, Will Add Nearly 2.5 Million Square Feet of New Commercial Development
As construction moves forward rapidly on Levi’s Stadium in Santa Clara, CA, two development teams are advancing separate plans for massive projects in the vicinity of the San Francisco 49ers' new stadium.
A joint venture of Lowe Enterprises and Montana Property Group, headed by former 49er quarterback Joe Montana, unveiled plans for Centennial Gateway, a $400 million hotel, office and entertainment transit-oriented development on three parcels totaling 9.5 acres owned by the city of Santa Clara.
The city has entered into an exclusive negotiation agreement with Montana Property Group, which formed the venture with Lowe to develop the 860,000-square-foot mixed-use project at Tasman Drive and Centennial Boulevard.
Joe Montana, who has been a commercial property investor and owner since his days as a player, said in a statement that the project near the new 49ers stadium "will create a thriving entertainment district that will continue the dramatic transformation under way in Santa Clara."
Also on Friday, an affiliate of giant private developer Related Companies fleshed out plans for a "city center" project to include about 1.5 million square feet of retail, 2.4 million square feet of commercial space, about 530 residential units and a hotel.
Related California will continue to work with the city and the Montana-Lowe Enterprises entity to integrate the development of both properties, located immediately north of Levi’s Stadium.
In April, the city signed an exclusive negotiating agreement with Related California, which now plans to bring to bring the plan before the Santa Clara City Council, acting as the Sports and Open Space Authority.
"Since the destruction of our historic downtown in the 1960s, our residents have longed for a city center," said Santa Clara Mayor Jamie Matthews, adding that the project will generate jobs and revenue on property "that's a major cost annually to our city budget."
Montana and Lowe expect Centennial Gateway to be approved by next summer, followed soon by a ground breaking on the first phase, which includes a hotel. The initial phase is expected to be completed in time to host Super Bowl 50 in February 2016.
Leading design firm NBBJ has been retained as the master planner and Turner Construction has been retained as general contractor.
The master plan envisions a 200-room hotel, a 125-room hotel, two 240,000-square-foot office buildings and up to 150,000 square feet of retail, restaurant and entertainment space and public outdoor plazas as well as two parking structures with more than 2,500 total spaces.
The 49ers will relocate to Santa Clara upon the fall 2014 completion of the new $1 billion, 68,500-seat Levi’s Stadium.