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Board approves amendment to transfer‑of‑development‑rights sale tied to San Antonio Center project
Summary
Trustees approved an amendment assigning 150,000 square feet of transfer-of-development rights (TDR) to a developer tied to the San Antonio Center Phase 3 project; staff said the amendment follows a planned sale between Malone Geier and Brookfield/Orion and is contingent on city approvals.
The board approved an amendment to a transfer-of-development-rights (TDR) purchase-and-sale agreement, assigning 150,000 square feet of development rights connected to the San Antonio Center Phase 3 project and an Orion/ Brookfield development in Mountain View.
Key facts presented: Staff said the original agreement dated from 2020–21 and that Malone Geier held the TDR agreement and had paid a deposit of $585,000 to the district. Malone Geier sought to assign the agreement to Brookfield (doing business as Orion v. Sack Village Development Property LLC in the meeting record), and the board was asked to approve amendment language to permit the assignment ahead of city council consideration in Mountain View.
Board action: Trustee Vladimir moved and Trustee Stella seconded the motion to approve the amendment. The board passed the amendment unanimously.
Staff noted procedural context: Staff said the transaction has been reviewed by legal counsel and that the city of Mountain View must still consider approvals for entitlement steps tied to the development. The district’s approval of the amendment was presented as a required step prior to the city council’s consideration.
Ending: Trustees approved the amendment and staff said they will coordinate next steps with the developer and the city.
