FREMONT — A veteran Texas real estate developer with ties to Amazon is considering a massive redevelopment of an aging tech campus in Fremont, city documents show.
Hines, one of the nation’s largest real estate developers, has proposed replacing a technology complex on Milmont Drive between Dixon Land Road and Kato Road, according to filings with Fremont city officials.
A modern industrial center would sprout in place of the aging technology buildings of Milmont Drive, according to documents from the city’s planning department.
In April 2021, Hines purchased the existing three-building Dixon Landing Research Park, which has addresses 49000, 49036 and 49086 Milmont Drive, according to property records filed with the Alameda County Recorder’s Office.
Hines paid $47 million for the three-building complex, county documents show.
The buildings total a combined area of 209,300 square feet, according to a brochure distributed by Lee & Associates, a commercial real estate firm that was marketing the complex at the time the property was purchased.
The property is close to Interstate 880 and a few freeway exits from the sprawling Tesla Motors vehicle factory in Fremont.
Hines intends to demolish the three existing buildings on the site and replace them with a new structure.
The new industrial building, if the city approves the project and Hines builds it, would total 265,600 square feet, according to Fremont city records.
The finished project would be a building envelope.
In February of this year, Hines leased a massive data center in Hayward from Amazon that totals 278,500 square feet.
Hines in recent years has been an active player in Bay Area commercial real estate.
Real estate company Hines has invested more than $1 billion to buy a range of office and research buildings in the Bay Area.
Here are some of the properties Hines has purchased in recent years:
— A huge data center on a prime site at 150 S. First St. in downtown San Jose, $59.6 million.
— The PG&E headquarters complex in San Francisco, $800 million.
— Dublin Corporate Center in Dublin, $108.9 million.
— Santa Clara Towers in Santa Clara, $195 million.
– Santa Clara Technology and Research Center on Bassett Street, $107.1 million.
— Santa Clara office building with Apple as a tenant on Patrick Henry Drive, $68 million.
In recent years, uncertainty has arisen over the future use of office space due to the coronavirus outbreak and a blurry picture for brick-and-mortar retail resulting from a shift to online shopping.
As a result, property owners and developers have sought redevelopment opportunities across a range of sites.
Technology-focused manufacturing, life sciences, biotechnology, and laboratory projects have become popular replacements for many buildings and commercial sites in the Bay Area.