Progress for the Tasman East Specific Plan has received some good news. Related California has secured $690 million in construction funding for 700 units at 2300 Calle De Luna, representing nearly a fifth of all units expected in the multi-developer project in Santa Clara. Foundation work is expected to start in the coming weeks.
J. Jennings Moss first reported the news for the Silicon Valley Business Journal. The funding will result in the construction of 2300 Calle De Luna, a two-structure project with 509 apartments and a 191-unit high-end senior rental building as part of Related’s Coterie senior living brand.
Moss reports that the funding was split between three sources. Otera Capital invested a $360 million loan for the market-rate housing, PNC Bank provided $130 million for senior housing, and Welltower Inc. invested $200 million.
2300 Calle De Luna will be 220 feet tall and contain 1.09 million square feet. Of that floor area, 557,700 square feet will be for the market-rate apartments, 186,500 square feet for the senior assisted living units, 43,950 square feet for communal amenity areas, and 19,410 square feet for retail. The 613-car garage will span 264,270 square feet. Additional parking will also be included for 352 bicycles.
Steinberg Hart is the architect of record and collaborative design architect with Bohlin Cywinski Jackson. The market-rate housing will rise from a metal-adorned podium with a curtainwall tower accented by sharp cantilevered balconies. The senior housing is clad with a solid veneer using pre-cast concrete panels and stone decorated with oversized windows.
Surface Design will be the landscape architect.
Tasman East is a roughly 4,500-unit masterplan with projects being developed by Ensemble, Holland, Greystar, Summerhill, Related, and St Anton Communities. Of the 45 acres, Related owned 15 acres across two plots. The other proposal by Related Companies for Tasman East is 2101 Tasman Drive. The development will create two structures rising to a peak of 20 floors with 950 market-rate units. At full build-out, Related will have built over a third of all residential capacity for the master plan.
The project is by Levi Stadium. There is a light rail station serviced by the VTA connecting riders between Mountain View and San Jose. The adjacent Amtrak will provide regional transit, connecting commuters from Diridon Station up to Sacramento via Capitol Corridor.
The Tasman East plan is located adjacent to another project by the same developer, Related Santa Clara. The $8 billion project designed by Foster + Partners will create a massive new mixed-use campus across from Levi Stadium with plans to reshape the 240-acre former golf course with 5 million square feet of offices, 1,680 apartments, and a 700-room Equinox Hotel, retail, and a 30-acre city park. The plan is centered around the Global Food Market. Check out our previous coverage for a more detailed look at Related Santa Clara.