Lendlease, a global property and infrastructure group, headquartered in Sydney and listed on the Australian Securities Exchange, has signed a deal worth US$15 billion (approx. AUD$20 billion) with Google to develop a new mixed-use neighbourhoods in the San Francisco Bay Area in California
Lendlease estimates that it will develop up to 15 million square feet of residential, retail, hospitality, and other associated community uses in three major areas. Google will focus on developing its office space within these mixed communities. Subject to planning approval, development work could commence as early as 2021.
Under the terms of the agreement, Google and Lendlease will work together for the next 10 to 15 years to redevelop the company’s landholdings in San Jose, Sunnyvale and Mountain View into vibrant mixed-use communities.
The partnership comes after Google’s announcement of a $1 billion residential housing project across the Bay Area last month by its chief executive Sundar Pichai.
“Lendlease has a wealth of knowledge and expertise in residential, retail, and mixeduse developments. Today’s agreement expands on an existing and successful partnership that will help us deliver on two important objectives: our commitment to accelerate the production of residential units in the Bay Area, and our plan to build mixed-use developments. Lendlease will play a key role in helping deliver at least 15,000 new homes on our land,” said David Radcliffe, Vice President, Real Estate and Workplace Services, Google.
“This joint agreement between Google and Lendlease will help address the need for new housing in the San Francisco Bay Area. We’re eager to contribute our world-class approach to creating unique urban communities, and we are focused on delivering outstanding places that redefine how people choose to live, work, connect and contribute to creating an active community,” said Denis Hickey, CEO Americas, Lendlease.