Huge Cupertino village seeks residents and office, retail tenants

CUPERTINO – A new Cupertino village of homes, shops, restaurants, entertainment centers and offices, with a sprawling green roof and other open spaces, is seeking residents and tenants, the project’s developer said on Thursday.

The Rise is the name of a sprawling and ambitious neighborhood that developers hope will replace the defunct and mostly demolished Valco Mall in Cupertino.

“We really want to do something special with this 50-acre site in the heart of Silicon Valley,” said Reed Molds, managing director of Sand Hill Property Company, the development firm that aims to build the new neighborhood slated to be Cupertino. intends, said. New Town Square.

Sand Hill Property hopes the 50-acre development’s new name, The Rise, will reflect Silicon Valley’s innovation culture.

Green Roof at the Rise, a mixed-use Cupertino development that includes homes, restaurants, shops, entertainment centers and green spaces, is the concept. (Sand Hill Property Co., Rafael Violy Architects)

“Rise is born of a global capital of innovation,” Molds said. “Silicon Valley has changed the way the world lives, and The Rise aspires to fundamentally change the way Silicon Valley lives.”

The developers said they have hired commercial real estate brokerage firms for marketing both retail and offices. Lockhouse Real Estate Group and Newmark are handling Retail and the Cushman & Wakefield offices are looking for tenants.

The Rise will include 429,000 square feet of retail, dining and entertainment space and 1.97 million square feet of office and laboratory space.

The offices will cater to both tech companies and life sciences firms which have recently become a major driver of the demand for office space in the Bay Area.

Also, the project will cover around 2,400 housing units, of which 1,200 will be affordable housing.

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The Rise, mixed-use Cupertino development that includes homes, restaurants, shops, entertainment center and green spaces, aerial view, concept. (Sand Hill Property Company, Rafael Violy Architects) (Sand Hill Property Company, Rafael Violy Architects) )

Molds said the cheaper units will have a different mix than prior versions of the project. Previously, about 75% of affordable units were expected to be studios, and 25% would be 1, 2, or 3-bedroom units.

Now, about 640, or 53%, of the affordable units will be 1-, 2- and 3-bedroom units, while 560 of the affordable units, or 47%, will be studios, Molds said.

“People will have a full suite of housing options, including market rate and affordable ones,” Molds said. “There will be options for all income levels.”

The development has been shrouded in controversy and litigation in recent years. Some residents have tried to block the project. Further conflicts arose when a neighborhood group, Friends of Better Cupertino, filed a lawsuit, claiming that the project did not qualify for a streamlined approval process under rules set forth by a state law called SB 35.

Ultimately, the project was able to overcome a series of legal and procedural hurdles, although a new challenge has arisen.

The most recent major obstacle has been the removal of toxic contamination from chemicals in the soil caused by the operation of Sears Automotive Shop and dry cleaning installations on site. Sand Hill Property is moving forward with the treatment of pollution.

Sand Hill Property believes it can begin excavations and other work this year that will be needed before the major part of construction begins. In 2023, Sand Hill aims to move forward with vertical elements of the vast new neighborhood.

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The entrance area of ​​The Rise, a mixed-use Cupertino development consisting of homes, restaurants, shops, entertainment centers and green spaces, concept. (Sand Hill Property Co., Rafael Violy Architects) (Sand Hill Property Co., Rafael Violy Architects)

Even so, Cupertino Mayor Darcy Paul said the project would require a lot of work before reaching a visible construction stage.

“I sincerely hope there will be a lot of work at the jurisdictional level,” Mayor Paul said. “Water, electricity, sewage, transit infrastructure all must be addressed.”

One of the key features of the project is the “Green Roof” which will be the primary component of the 40 acres of open space planned within the development.

“The green roof concept will extend to almost every part of this project,” Molds said. “The idea is to make it a destination for the community.”

According to Sand Hill, the project will be built in phases over several years.

Molds said the first phase will have 350,000 square feet of retail, restaurant and entertainment access, as well as 800 homes and several open spaces. Offices will not appear until later stages of the project.

“This is what the community is asking us to do,” Molds said. “They want to see food, entertainment, shopping and accommodation first. They want to see elements that they don’t have in this area right now.”

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