A new business campus known as Moffett Towers II could soon come to Sunnyvale and net the city $22.5 million for traffic improvements and public safety and another $15 million in development impact fees.
On May 23 the city’s planning commission voted unanimously to recommend approving a development permit and agreement that could allow the project to move forward. The project is set to go before the city council on June 14 for final approval.
The 47.4 acre site at 111 Lockheed Martin Way was acquired last year by the San Francisco-based developer Jay Paul Company.
The special development permit would allow the applicant to demolish existing buildings on the site and build five eight-story buildings, two four-story parking structures, one five-story parking structure and a two-story amenities building to include a café and a 5,000-square-foot fitness center with pool. In total the project will have 1.65 million square feet of office space.
In a statement May 24, the city referred to the area as a “vibrant commercial hub” that has attracted companies like Google, NetApp, Juniper Networks, Hewlett-Packard and Amazon.
“We feel this project attains a significant number of the goals set forward by the Moffett Park Business Plan,” said Jay Paul Company COO Janette D’Elia during the planning commission meeting. “It will attract high-quality tenants to the city, which increases employment opportunities for residents and demand for local businesses and retail locations.”
She added that Jay Paul believes the development could bring in $3.2 million in tax revenue for schools and $1.5 in property tax revenue for the city annually.
The developer will also have to pay development impact fees as part of the permitting process. The amount is expected to be close to $15 million, with roughly $8.5 million in housing mitigation fees, $4 million in traffic impact fee, $1.1 million for construction taxes and a $310,900 General Plan maintenance fee. School impact fees will be paid directly to the Sunnyvale School District and Fremont Union High School District.
There is also an Additional Traffic Improvement Payment plan that would bring improvements to the U.S 101 and SR 237 interchange at Mathilda Avenue. The money from that plan totals $11 million, $4.5 million for the design and construction of the E. Street segment and $7 million to fund three public safety officer positions to staff the city’s new fire station.
The city council will review the payment plan and the development agreement June 14.
Planning commissioners were enthusiastic about the project, saying that the space was suitable for a large project such as this. Commissioners also complimented the look of the buildings in the renderings and expressed satisfaction with the amount of green space and use of native trees proposed in the landscaping.
“What you’re doing in Moffett Park is fantastic. I see the kind of clients coming to Sunnyvale are the best in Silicon Valley,” said commissioner David Simons.
The post Sunnyvale: More than $22 million in community benefits proposed for Moffett office park project appeared first on Bay Area Homes.