A mystery company backed by Silicon Valley billionaires has purchased tens of thousands of acres of land for more than $800 million to build a new city near San Francisco
www.businessinsider.com
A company called Flannery Associates has been buying up land in Solano County for up to $15,000 per acre, court documents show.
  • AutoTL;DRBEnglish
    2•1 year ago

    This is the best summary I could come up with:

    A mystery company backed by Silicon Valley billionaires has been snatching up land in a northern California county in an apparent bid to build an entirely new city in the state.

    The company, Flannery Associates, has spent $800 million to purchase thousands of acres of farmland in Solano County, which sits northeast of San Francisco, court documents obtained by Insider show.

    Flannery’s backers include Andreessen, Powell Jobs, Michael Moritz of Sequoia Capital, LinkedIn co-founder Reid Hoffman, and others, according to the report.

    In 2017, Flannery Associates pitched an idea to turn the Solano County land into a walkable city powered by clean energy and housing tens of thousands of residents, The Times reported.

    In a motion to dismiss the lawsuit that was filed in July, the landowners said that they have “either engaged in good-faith, arms-length transactions for the sale of land, or were not tempted by Flannery’s prices, because they had no desire (or ability) to sell.”

    In 2016, Y Combinator, a Silicon Valley startup accelerator, began looking into how it could build a city that could address California’s affordable housing crisis.

    The original article contains 532 words, the summary contains 183 words. Saved 66%. I’m a bot and I’m open source!