Related Companies would like to thank the City Council for its unanimous approval of the Related Santa Clara Project. And thank you as well to the many residents and community leaders who support this project. We look forward to the next chapter of this partnership with the City to create a vibrant city center offering new residential units, restaurants, entertainment venues, hotels, retail and office space for Santa Clara.
The first development phase, including construction of the City Center, will likely begin in 2019 and conclude in 2022. Future phases consisting of office space, with a mix of retail and food and beverage options will be developed over a period of 5-10 years, subject to market demand.