JV Revives Stalled Sunnyvale Town Center
STC Ventures, a JV of Hunter Storm, Sares Regis Group of Northern California and institutional investors advised by JP Morgan Asset Management, will breathe life into the long-stalled Sunnyvale Town Center. The JV closed escrow on the 36-acre mixed-use project, which has sat unfinished since 2009. It was sold by Wells Fargo for an undisclosed amount.
“Sunnyvale Town Center is of primary importance to the residents, businesses and the City of Sunnyvale,” Hunter Storm managing member Deke Hunter says. “Our first tasks will include completing the mixed-use retail, upgrading the infrastructure and preparing Redwood Square for future development.”
The JV acquired purchasing rights to the property late last year and has been working with the seller and city to find the best way to stabilize the partially completed 198-unit complex and retail space within the project.
Demolition of Redwood Square will begin this fall and work will begin on finishing the residential units next month.