SANTA CLARA, CALIF. — Montana Property Group (MPG) and Lowe Enterprises have formed a joint venture to develop Santa Clara Centennial Gateway, a $400 million hotel, office and entertainment complex adjacent to Levi’s Stadium, the future home of the San Francisco 49ers. Situated on three city-owned parcels at the intersection of Tasman Drive and Centennial Boulevard, the property will total approximately 860,000 square feet of commercial real estate.
MPG is the real estate investment and development company of famed 49ers quarterback Joe Montana. Lowe Enterprises, based in Los Angeles, is a real estate investment, development and management firm currently responsible for a portfolio of more than $5 billion in assets.
“This unique property offers an unparalleled opportunity to combine the energy and excitement of a professional sports venue with the innovation and vision of the technology industry that drives Silicon Valley,” says Montana. “Centennial Gateway and the new 49ers stadium will create a thriving entertainment district that will continue the dramatic transformation underway in Santa Clara.”
Design firm NBBJ has been retained as the master planner, and Turner Construction will serve as general contractor. The project is expected to create 600 permanent jobs and 300 temporary construction jobs.
Plans call for two hotels (one of 200 rooms, another of 125 rooms); two, 240,000-square-foot office buildings; and up to 150,000 square feet of retail, restaurant and entertainment space, including a Joe Montana signature restaurant. Open public areas and two parking structures with more than 2,500 spaces are also on the docket.
“Centennial Gateway will be a vibrant seven-day-a-week hub for work, dining, entertainment and hospitality that will capitalize on the growth and evolution of Silicon Valley and the City of Santa Clara,” says Robert Lowe, chairman and CEO of Lowe Enterprises.
Proximity to Valley Transportation Authority, Amtrak and Altamont Corridor Express rail stations will make Centennial Gateway imminently accessible. The City of Santa Clara is expected to approve the projects by in summer of 2014, and the first phase is slated for completion before Super Bowl L, to be hosted by Levi’s Stadium in February 2016. The 49ers will begin playing in their new home in fall 2014.
— John McCurdy