February 5, 2016
Redevelopment of one of the largest real estate plays remaining in Santa Clara intensified this week. The Irvine Company is reportedly interested in pursuing a 116-acre site that’s home to the Great America theme park.
The Orange County-based company has been one of the most aggressive buyers of real estate in Santa Clara and Silicon Valley. Irvine Company was mum about any Great America plans, but is developing millions of square feet of office space and thousands of residential units in the area.
Among the options for the premium land being disposed of by a public agency include:
- A new owner acquires site, razes attractions in order to build office, retail and hotel development.
- Cedar Fair, Great America’s owner, acquires the land itself. Its lease runs through 2074, and it has right of first refusal for the site.
- Great America could stay involved in the project as a co-developer.