A 9-acre property near Levi's Stadium could hold nearly 950 apartments, according to marketing materials being shopped by brokerage JLL, but the site has sat without a construction timeline since its previous owner lost control of it in a foreclosure. The parcels at 2101 Tasman Drive and 2222 Calle de Luna sit close to major employers and light rail, a location that has made the site attractive to developers for more than a decade even as plans for it have repeatedly stalled.
According to Silicon Valley Business Journal, JLL is pitching development concepts for the site ranging from about 600 apartments to nearly 950 units. The listing comes months after lender BrightSpire Capital, acting through an affiliate, took control of the property through a deed in lieu of foreclosure, according to Mercury News. Public real estate documents filed Aug. 12, 2025, show a Related Cos. affiliate surrendered its ownership of the property, per that same outlet's reporting.
The 9-acre site had been slated for nearly 950 housing units before the foreclosure, Bisnow reported in its own account of the lender takeover. Bisnow's report also noted that construction on the planned residential project never got off the ground, and that no plans had been announced for the Santa Clara property in the aftermath of the foreclosure.
A Deal That Soured After Years of Financing
The Related-controlled entity originally bought the two parcels in 2015, though the reported price differs by source: Mercury News puts the figure at $64.1 million, while Bisnow cites $64 million. BrightSpire Capital provided the Related California affiliate with the loan tied to the property in 2019, the Mercury News report states.
Related floated two potential building schemes for the site in 2023 — one calling for two high-rises, the other for two mid-rise buildings — according to Bisnow's account. Neither concept advanced to construction, and the unresolved status of the site left it vulnerable when the loan went into default and ownership reverted to the lender.
Bigger Plans Taking Shape Nearby
The Tasman Drive site sits within reach of Santa Clara's broader push to remake the area around Levi's Stadium. City officials have been working to turn a 45-acre industrial district near the stadium into a walkable urban village of at least 7,500 homes, according to The Real Deal. As part of that effort, Related California has separately committed $12 million to affordable housing in what's known as the Clara District, while also planning shops and restaurants there, the outlet reported.
Related California has already developed two apartment towers in the Clara District totaling more than 1,000 units, per The Real Deal's reporting. The district currently has seven apartment buildings slated to open within six months, nearly 2,000 units under construction and 4,500 approved homes in the pipeline, the same report states. Silicon Valley Power is also investing $400 million in infrastructure upgrades, including substations and battery systems, to support the new housing and data centers moving into the area.
Momentum May Be Cooling
Santa Clara's housing production hit 2,685 completed units in 2025, but city officials don't expect that pace to hold this year, according to the Silicon Valley Business Journal. Several large, previously financed projects drove last year's surge, the publication reported, suggesting the pipeline could thin out without new deals getting financed.
Elsewhere in the Clara District, developer Ensemble broke ground on a $190 million apartment project at Parkside, and expects 500 to 1,000 more units to follow in the area within a few years, per a separate Silicon Valley Business Journal report. Whether the Tasman Drive site adds to that count remains an open question: no buyer, financing plan, or construction timeline has been announced since BrightSpire took over, and JLL's marketing materials represent proposed concepts rather than an approved project.
