Culture

Vallco developers agree to pay impact fees to Cupertino


A mixed-use development on the former site of Vallco Shopping Mall in Cupertino is set to move forward after the city resolved a fee dispute with the property owners.

The city in 2018 approved development of The Rise, a project that includes 2,699 housing units—890 of which would be affordable to lower-income households—226,386 square feet of retail and approximately 1.9 million square feet of office space.

The project stalled in 2022 when Vallco Property Owner LLC disputed the validity of the impact fees and parkland dedication fee imposed on the project.

The city on July 10 reached an agreement with Vallco Property Owner, part of Sand Hill Property Company,  that it says “allows both parties’ focus to shift toward the construction of the project.”

Under the agreement, The Rise project will pay transportation impact fees of approximately $10.3 million and will make other payments to the city totaling $32 million over the life of the project. The Cupertino City Council was set to consider two fee waivers necessary to implement the agreement at its upcoming July 16 meeting.

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Source:: The Mercury News – Entertainment

      

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