The mystery surrounding a project to convert farmland into a new green city in the Bay Area is finally being unraveled. The would-be “mega-city” is the brainchild of a novice developer backed by so…
that more than 100 unexplained land purchases by an entity called Flannery Associates LLC were made by Jan Sramek, a 36-year-old former Goldman Sachs trader backed with with $800 million from some of the tech’s industry’s biggest investors. These include Sequoia Capital’s former Chairman Mike Moritz, LinkedIn co-founder Reid Hoffman, venture capitalists Marc Andreessen and Chris Dixon, Laurene Powell Jobs and others.
“We are proud to partner on a project that aims to deliver access to good-paying jobs, affordable housing, clean energy, sustainable infrastructure, open space, and a healthy environment to residents of Solano County,” Brian Brokaw, a spokesperson for Flannery, said in an emailed statement. “We are excited to start working with residents and elected officials” and that it would begin meetings early next week.
Now, in California, Flannery is now coming under close scrutiny after a four-year spree where it snapped up parcel after parcel of agricultural land often at above-market prices. In the suit, Flannery claimed that some of the “conspirators” paid between $470-$2,800 an acre for their properties, but weren’t satisfied when Flannery offered $15,000 an acre. Instead, “they countered Flannery’s offers by demanding even higher payments,” according to the complaint.
Last week, Garamendi said his office was contacted by Solano County residents who received a poll by text message and phone, asking for their views on the development of “a new city with tens of thousands of new homes, a large solar energy farm, orchards with over a million new trees, and over ten thousand acres of new parks and open space.”
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