The Related Cos has purchased a large development residential site in Santa Clara just north of Levi’s Stadium for $50M. The 7.3-acre site is an industrial parcel at 2101 Tasman Dr near Related’s 9M SF mixed-use proposal. Related could potentially develop thousands of apartments on-site if the conversion to residential is approved. The land is also near the entry to a 45-acre industrial district known as “Tasman East,” which is believed to be converting to a residential neighborhood. Related has been snapping up property in Tasman East. It purchased a 1.6-acre industrial site for $9.5M last year and followed that up by purchasing roughly four acres for $22.3M in January. [SFBT]
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