Yesterday, Sand Hill closed escrow on the sale of the Sunnyvale Macy’s building to CityLine, the downtown developers. The sale ends Sand Hill’s interest in the downtown development, while solidifying CityLine’s ownership of all the downtown properties (except for the two city-owned parking lots).
Under existing agreements, the owner of the Macy’s property has certain veto rights over development plans in the the downtown area. By acquiring ownership of the Macy’s property, CityLine has considerably eased the approval process for the next stages of the downtown development.
I’ll just add that after nine years of wrestling with this issue, this is a highly satisfying development for me personally.
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