Related Companies and Atria Senior Living, along with Welltower Inc., said they’ll develop two senior living communities, in Santa Clara and Cupertino, marking the venture’s third and fourth such projects in Silicon Valley.
The Santa Clara development calls for 191 units to be built next to Related’s larger 9.2 million-square-foot Santa Clara project, made up of multifamily housing, retail and office space. It’s expected to break ground in mid-2022 and be completed in 2024.
Santa Clara Development
The 158-unit Cupertino development, at the corner of Stevens Creek Boulevard and State Route 85, will be adjacent to the Cupertino Senior Center and Cupertino Memorial Park and near De Anza College. Pre-development on the property began in 2019 and construction is set to begin by the end of the year. It’s expected to be completed in 2024.
Cupertino Development
The same venture developed the 208-unit Coterie Cathedral Hill senior living community at 1001 Van Ness Avenue. Those units, ranging from studios to one- and two-bedroom apartments, won’t come cheap: Some rents start at $8,000 and the most expensive will go for $27,000 per month, or $324,000 per year. Coterie Cathedral Hill opened this month.
Back in August, the vice president of office leasing for Related’s Silicon Valley project left the company to join Miami-based Tricera Capital. Dustin Ballard, who had been hired to oversee office leasing efforts for Related Santa Clara, moved to be closer to family.
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