If it’s broke, why fix it? That seems to be the mantra of Silcon Valley’s tech titans, who seem to be behind a little-known firm splashing out over $800 million to buy thousands of acres of property above market rates. San Francisco’s Bay Area’s infrastructure might be tottering, but this new-look Utopia could soon be home to the swish set of Silicon Valley, complete with clean energy, robust public transport, and ample local jobs on offer.
Some tech moguls are focused on exploring outer space and setting up home on Mars, but these billionaires have more down-to-earth ambitions. The company fronting this, Flannery Associates calls on a veritable who’s who of Silicon Valley as investors. Names such as Stripe co-founders John and Patrick Collison, venture capitalists Marc Andreessen and Chris Dixon, and LinkedIn co-founder Reid Hoffman are said to be just some of the names bankrolling this bold venture.
The problem? The land that Flannery has purchased isn’t zoned for residential use yet. But what’s a problem if you can’t throw nearly a billion dollars at fixing it.