A lender has taken over a 9-acre development site in Santa Clara that was slated for nearly 950 housing units, The Mercury News reported.
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An affiliate of Related Cos. relinquished control of 2101 Tasman Drive and 2222 Calle de Luna through a deed-in-lieu-of-foreclosure transaction on Aug. 12. The property is now under the ownership of BrightSpire Capital.
Related California originally acquired the site in 2015 for $64M. BrightSpire provided financing in 2019. Despite plans for a large-scale residential project, construction never got off the ground.
In 2023, Related proposed two different potential schemes for the sites, one that would have consisted of two high-rises and another with two mid-rise buildings.
No plans have been announced for the Santa Clara property.
BrightSpire foreclosed on a Hilton hotel property in San Jose earlier this year and is expected to market that property in 2026.
In 2023, Related topped out Santa Clara’s tallest building, a 23-story apartment tower at 2300 Calle de Luna. The project is part of the city’s Tasman East Specific Plan.
The plan covers a 45-acre industrial neighborhood and creates a framework for the development of a high-density transit-oriented neighborhood.
Elsewhere in the Bay Area, Related California is working in partnership with the city of San Francisco on a 41-story, 574-foot skyscraper in the Financial District. It would include the first five-star hotel built in the city in 20 years and some of the only new office built in the area since the pandemic.
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