Home builder buys 6 acres at former AMD site
SUNNYVALE >> A big residential developer has bought about one-fifth of a 32.4-acre site in Sunnyvale that once was the old headquarters of long-time chip maker AMD.
Taylor Morrison has paid $73 million for approximately six acres from an affiliate controlled by veteran developer Irvine Co., according to Santa Clara County property records. Taylor Morrison completed its purchase on June 1, county documents show.
The parcel that Taylor Morrison has bought is part of 1 AMD Place, a project proposed by Irvine
Co. that envisions a major redevelopment of the site where semiconductor manufacturer AMD maintained its headquarters for a considerable time. The old headquarters have been bulldozed.
The transaction is a reminder that major developers continue to push ahead with project efforts despite uncertainties linked to the coronavirus that has cast a pall over the economy, job market, and business decisions.
Irvine declined to discuss the situation. Taylor Morrison didn’t respond to requests for comment. It wasn’t immediately clear when development
of residences might begin on the site or how much of that would be developed directly by Irvine. It wasn’t disclosed whether Irvine might attempt to sell more property on the site.
Up to 1,051 townhomes and a 6.5-acre public park would be developed on the
site, whose overall development is being supervised and led by Irvine Co, one of Silicon Valley’s largest landowners.
The proposed project consists of 944 apartment units in a combination of five-story, mid-rise apartment buildings and threestory walk-up apartment buildings with 6 percent of the units to be reserved for very low-income households, according to documents
on file with the city of Sunnyvale.
In addition, the development would contain townhomes, some of which would be affordable units.
“The project also includes up to 107 three-story, townhome-style dwellings with 13 percent affordable units in accordance,” the city documents state.