Related Cos. Loses Control Of 9-Acre Santa Clara Project In Foreclosure
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.
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.
