Location: 3300 Olcott St., Santa Clara, California
Even though the economic environment may not warrant a new building at Olcott for some time, having these entitlements completed and in-hand is a material enhancement of and benefit for the property. I know I speak for all of us at Menlo Equities when I say thanks to you and your team for all of your hard work and wise counsel in leading this effort on our behalf. We value our relationship with you and very much appreciate all you have done, and are doing, for and with us.
— Rick Holmstrom, Partner, Menlo Equities
About the Client: Menlo Equities is a fully integrated commercial real estate company engaged in the acquisition, development, and operation of commercial properties.
Project Description: The project for Nova consists of two separate roles. We successfully managed the process to obtain entitlements to build a 5-story office building totaling about 180,000 sf. The entitlement process focused on traffic, building elevations, landscaping design especially related to trees impacting underground utilities, and the negotiation of conditions to implement the City’s objectives. Nova was also engaged to upgrade the existing 100,000 sf building to help attract a new tenant until market conditions warrant new construction of the 5-story project. The ground floor was renovated with 50,000 sf of market-ready interior improvements designed to meet the needs of a typical tenant, along with upgrades to the building exterior.
Nova Partners’ Role: Nova Partners was engaged to provide development management services that included selecting and managing the architect and contractor, developing the project budget and schedule, and being responsible to deliver the project on-time and on-budget. The role also included obtaining entitlements for a 5-story 180,000 sf spec office project.