Construction and property company Lendlease has teamed up with Google to plan and develop $20 billion worth of residential, retail, hospitality and community space in the San Francisco Bay Area, California.
Lendlease estimates it will develop up to 15 million square feet (around 1.393 square metres) as part of the agreement across three major areas in the bay area,
Google will focus on developing its office space within these mixed-use communities.
The agreement will see the two companies working together for the next 10 – 15 years, redeveloping Google’s holdings in San Jose, Sunnyvale and Mountain View.
Development works are able to commence in 2021, subject to planning approval.
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Google Vice President, Real Estate and Workplace Services, David Radcliffe, said Lendlease has a wealth of knowledge and expertise in residential, retail and mixed-use 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,” Radcliffe said.
“Lendlease will play a key role in helping deliver at least 15,000 new homes on our land.”
Lendlease CEO Americas, Denis Hickey, said the joint agreement 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,” Hickey said.