Silicon Valley investors behind a secretive $800 million land-buying spree got off to a rocky start with the voters they need to build a green new city in Northern California.
Silicon Valley billionaires behind a secretive $800 million land-buying spree in Northern California have finally released some details about their plans for a new green city, but they still must win over skeptical voters and local leaders.
California Forever, the parent company of Flannery, has purchased more than 78 square miles of farmland in Solano County since 2018, largely in the southeastern portion of the county, with parcels stretching from Fairfield to Rio Vista. According to the website, Sramek fell in love with the area over fishing trips and he and his wife recently purchased a home in the county for their growing family.
“The FBI, the Department of Treasury, everyone has been doing work trying to figure out who these people are,” U.S. Rep. Mike Thompson, who represents much of the county, said this week after meeting with Sramek. “Their secrecy has caused a lot of problems, a lot of time, and a lot of expense.” In many ways, Solano County is ideal for development. It is 60 miles northeast of San Francisco and 35 miles southwest of California's capital city of Sacramento. Solano County homes are among the most affordable in the San Francisco Bay Area, with a median sales price of $600,000 last month.
Flannery further infuriated locals in May when it sued several landowners in court, accusing them of conspiring to fix prices for their properties. The company disclosed it had purchased or was under contract to buy about 140 properties for more than $800 million.
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