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Sydney-based property giant Lendlease (ASX: LLC) has teamed up with Google to undertake the biggest construction deal in its 61-year history.
Through its United States division, Lendlease has entered a maximum 15-year agreement with Google to jointly tackle the master planning, entitlement and development of three major hubs in the San Francisco Bay Area.
The $20 billion project will include development of up to 15 million square feet of residential, retail, hospitality and other associated community uses in the new neighbourhoods.
Google will integrate its office space within these new mixed communities and subject to planning approvals, development could start as early as 2021.
Lendlease CEO America Denis Hickey says the development will redefine the standard of living in the Bay Area.
"This joint agreement between Google and Lendlease will help address the need for new housing in the San Francisco Bay Area," says Hickey.
"We're eager to contribute our world-class approach to creating unique urban communities, and we are focused on delivering outstanding places that redefine how people choose to live, work, connect and contribute to creating an active community."
David Radcliffe, vice resident of real estate and workplace services at Google, says Lendlease is the right fit for the job which includes developing at least 15,000 new homes.
"Lendlease has a wealth of knowledge and expertise in residential, retail, and mixed-use developments," says Radcliffe.
"Today's agreement expands on an existing and successful partnership that will help us deliver on two important objectives: our commitment to accelerate the production of residential units in the Bay Area."
Lendlease is behind some of the world's most iconic developments including Sydney Opera House, the September 11 Memorial & Museum in New York, the Athletes' Village in London and Petronas Towers in Kuala Lumpur.
The company employs about 13,000 people worldwide.
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