SANTA CLARA, Calif.--(EON: Enhanced Online News)--The team of Montana Property Group and Lowe Enterprises (“Lowe”) has unveiled its plans for Santa Clara Centennial Gateway, a $400 million hotel, office and entertainment transit-oriented development on three city-owned parcels. The 9.5-acre site, located at the intersection of Tasman Drive and Centennial Boulevard, is adjacent to Levi’s Stadium, the new home of the San Francisco 49ers. The City of Santa Clara has entered into an Exclusive Negotiation Agreement with Montana Property Group, which has formed a joint venture with Lowe to develop the mixed-use project.
“This unique property offers an unparalleled opportunity to combine the energy and excitement of a professional sports venue with the innovation and vision of the technology industry that drives the Silicon Valley”
“This unique property offers an unparalleled opportunity to combine the energy and excitement of a professional sports venue with the innovation and vision of the technology industry that drives the Silicon Valley,” said Joe Montana of Montana Property Group. “Centennial Gateway and the new 49ers stadium will create a thriving entertainment district that will continue the dramatic transformation underway in Santa Clara.”
The 860,000-square-foot project will offer a dynamic mix of hotel, office, restaurants, - including a Joe Montana signature restaurant - casual eateries, entertainment and specialty retail with inviting public spaces where visitors, workers and the local community can meet, socialize, dine and enjoy a unique urban destination. Centennial Gateway will create 300 temporary construction jobs and 600 permanent jobs at hotels, retail stores, restaurants and in office property management
“Centennial Gateway will be a vibrant seven day a week hub for work, dining, entertainment and hospitality that will capitalize on the growth and evolution of Silicon Valley and the City of Santa Clara as well as the continuing dominance of professional football as the most watched and followed sport in America,” said Robert J. Lowe, Chairman and CEO of Lowe Enterprises.
Leading design firm NBBJ has been retained as the master planner and Turner Construction has been retained as general contractor. The Montana-Lowe development team is working closely with the City of Santa Clara to create the optimum plan for the new project. The master plan currently envisions a 200-room hotel, a 125-room hotel, two 240,000-square-foot office buildings and up to 150,000 square feet of retail, restaurant and entertainment space with active public outdoor plazas as well as two parking structures with more than 2,500 total spaces. Centennial Gateway will provide a seamless connection and transition from Levi’s Stadium to its south and the proposed City Center project to its north. The transit-oriented development site is supported by VTA light rail, Amtrak and ACE regional rail stops for easy access by commuters, visitors and fans.
Centennial Gateway is expected to be approved in the summer of 2014 with the first phase breaking ground shortly thereafter. The first phase, which includes a hotel, is targeted for completion in advance of Super Bowl 50 in February 2016. The 49ers will relocate to Santa Clara upon the fall 2014 completion of the new $1 billion, 68,500-seat Levi’s Stadium.
About Montana Property Group
Montana Property Group (“MPG”) specializes in identifying unique real estate investment opportunities and taking projects through the entitlement and development process. The company has been involved in various commercial real estate holdings throughout the United States. The company is led by Joseph C. "Joe" Montana Jr., who has been actively involved in commercial real estate as an owner and investor for more than 30 years. MPG recently led the entitlement and approval effort for an innovative 357 unit Mixed Income Transit Oriented Development adjacent to the South Hayward BART commuter train station in Hayward, CA. The project will feature 151 units of affordable housing in partnership with Eden Housing and 206 units of market rate housing along with a new public park. In a unique public/private partnership MPG worked closely with the City of Hayward, BART, the State of California Department of Housing & Community Development and Eden Housing to structure the transaction, which included acquiring a satellite parking lot from BART and successfully completing a HCD Proposition 1-C application. MPG was also instrumental in the Stanton Plaza redevelopment project in Stanton, CA, which created 173 town homes on a former retail site. Joe is best known as one of the greatest quarterbacks in the history of the National Football League. He played fourteen seasons for the San Francisco 49ers, winning four Super Bowl Championships, three Super Bowl MVP awards and in 2000 was elected to the Pro Football Hall of Fame.
About Lowe Enterprises
Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 41 years, it has developed, acquired or managed more than $21 billion of real estate assets nationwide. Lowe is currently responsible for more than $5 billion of commercial, hospitality and residential assets. The firm’s current Bay Area activities include the development of the 1.8 million square foot North First Campus, a nine-building Class A office project to be developed on a 43-acre site in San Jose. Lowe was recently selected by the Santa Clara County Board of Supervisors to enter an exclusive negotiating agreement to develop a mixed-use project at the 55-acre Santa Clara County Civic Center. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in San Mateo, San Diego, Irvine, Denver, Philadelphia and Washington, DC.