Last month on October 19th, STC Venture broke ground and resumed construction in downtown Sunnyvale. The town center construction project was put on hold back in 2009 when Sand Hill Property Co. and RREEF defaulted on a 108.8 million dollar loan. The property was then bought by Wells Fargo at auction in 2011. Following that a law suit against the bank was filed by Sand Hill further stalling the continuation of the project until 2015. The suit was ruled in favor of Wells Fargo finally allowing them the sell the property.
Currently the project continues to reflect the original plan from 2007. Everything that is already built will stay with the exception of the steel frame work in the Redwood Square Plaza. The plan is to demolish the structure and add temporary parking along with reopening the plaza next year. New plans for that block will be submitted for review as well.
A theater is currently planned on the corner of McKinley and Sunnyvale Ave. on the Target side of McKinley. It will sit on the second story above retail space and backs up to the already existing parking garage. The theater plan includes multiple screens with up to 2,950 seats. The plans don’t specify how many screens there will be but my guess is around 12.
Across the street from the theater, the purposed plan is to build two stories of retail space totaling 29,500 square feet that backs up to a five story parking garage where the current parking lot sits. They also plan to add one level of retail space on the opposing side of the parking lot, facing Washington Ave.
Five levels of residential units are planned for the area along the side of the parking structure that is bordered by Iowa Ave. and Taaffe St. And two levels of retail space is planned for the vacant area at the corner of Mathilda and McKinley. Also included in the plan is to extend Murphy St. through the new development to McKinley Ave.