The Strategist

NYT: Group of investors sets to build a new city in California

08/28/2023 - 14:10

Investment firm Flannery Associates is buying land in Solano County, northeast of San Francisco, and has already invested approximately $800 million there, writes the New York Times.

Bill Gracey
Bill Gracey
According to The New York Times, investment firm Flannery Associates is planning to create a new city in the state of California.

The corporation has already invested over $800 million and is currently buying large plots in Solano County, northeast of San Francisco.

The publication notes that investors have occasionally purchased plots for prices higher than their current market rate. Local authorities have had concerns about Flannery Associates' activity for a while due to a number of factors, including the company's refusal to conduct its business on public property and the proximity of some of the plots to the U.S. Air Force installation.

The business has a number of Silicon Valley investors, including Reid Hoffman, a co-founder of LinkedIn. According to the publication, the state has a housing shortage because of the challenges with construction work.

Investors claim that one benefit of the new community will be the proximity to San Francisco, one of the state's largest cities. The business plans to construct "a solar farm, groves with more than a million new trees, and more than 10,000 acres (about 4,000 hectares) of new parks and spaces".