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Thursday, Mar 28, 2024
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Irvine Co. Eyeing Silicon Valley Campus

The Irvine Company is said to be the leading bidder to turn a Silicon Valley technology campus into homes.

The Newport Beach-based developer and real estate owner is looking to buy Sony Corp.’s 38-acre campus in North San Jose, according to a story in the Silicon Valley/San Jose Business Journal.

The campus could sell for $50 million to $100 million, or as much as $2.6 million per acre. The buyer is expected to raze the campus and put up houses and apartments on the land.

The move reflects a lingering reality in Silicon Valley: The recovery from the technology implosion isn’t as strong as the hot housing market.

Orange County also has seen industrial and other land rezoned for housing.

The Irvine Co. is up against rival bidder John Michael Sobrato of Sobrato Development Cos. of Cupertino, according to the Silicon Valley/San Jose Business Journal.

Near the Sony site, the Irvine Co. is developing the 62-acre, 2,000-unit North Park apartment complex.

A spokesman for the Irvine Co. declined to comment on the story.

San Jose officials still need to rezone the campus from industrial to housing. The issue is expected to go before the San Jose City Council later this month.

Japan’s Sony has tried to sell the 620,000-square-foot campus for years, according to the Silicon Valley/San Jose Business Journal.

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