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Lendlease Wins $15 Bln Google Project

Australia's construction firm LendLease said Thursday that it entered into a deal with Google to build $15 billion worth of homes, offices and retail space in the San Francisco Bay Area. The development work could commence as early as 2021.

Lendlease estimates that it will develop up to 15 million square feet of residential, retail, hospitality, and other associated community uses in the new neighborhoods.

Lendlease's new partnership with Google will be for the next 10 to 15 years to redevelop the U.S. tech company's landholdings in San Jose, Sunnyvale and Mountain View.

Google had said in June that it would commit $1 billion to ease the housing crisis in the San Francisco Bay Area, and add about 20,000 homes to the region over the next decade.

The company now plans to convert at least $750 million of its own land, to support the development of at least 15,000 new homes.

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