Vallco Shopping Mall’s planned transformation has become a flashpoint in debates about the regional housing shortage and the tech sector’s runaway growth, which has deepened economic divisions in Silicon Valley. The San Francisco Chronicle ran a piece over the weekend about the project’s potential impact on the city of Cupertino, a suburban town of 60,000. Here’s a recap of some notable numbers about the project.
Sand Hill Property, the company behind Cupertino’s controversial Vallco Mall redevelopment, has full financing—a mind-boggling grand total of $4 billion—to move forward with the long-planned project thanks to the Abu Dhabi Investment Authority signing on as an equity partner.
The number of housing units Sand Hill plans to build as part of its Vallco Mall overhaul. Fifty percent of which would be below market rate, which qualifies the project for fast-track approval under SB 35, a new state law designed to speed up much-needed residential development.
The number of housing units Cupertino planned to build in total from 2014 through 2022, despite a severe housing shortage in the town of 60,000, where the median home price has skyrocketed to $2.3 million.
The number of square feet of office space the Vallco Mall project would encompass upon completion. That’s in addition to a 400,000-square-foot retail center.
How much in fees the Vallco Mall developers would have to pay the city. That’s pretty much on par with other projects. Sand Hill hasn’t introduced a traffic mitigation plan, which has angered thousands of residents, and it wants to build up to 240 feet, which is nearly as high as some of San Jose’s tallest towers.
Sources: City of Cupertino, San Francisco Chronicle