The identity of a mysterious company that purchased roughly 52,000 acres in California’s Solano County – including 20 parcels around the Travis Air Force Base – has been revealed.
According to the New York Times, a limited liability company calling itself Flannery Associates was responsible for the purchase, although details on the company’s ownership and goals were initially unknown. It has since been revealed that the company is backed by a group of Silicon Valley executives who plan to use the combined parcels to build a new city that would feature tens of thousands of new homes.
The Flannery initiative was created by Jan Sramek, a former Goldman Sachs trader, and his backers include the venture capitalists Michael Moritz, Marc Andreessen and Chris Dixon, along with LinkedIn co-founder Reid Hoffman, Stripe co-founders Patrick and John Collison, Emerson Collective founder Laurene Powell Jobs, and entrepreneurs turned investors Nat Friedman and Daniel Gross.
Specific details on the city have not been disclosed, although the endeavor has been in the works for at least six years. However, the investors believe their money is being well spent – Moritz reportedly informed a potential backer that if “the plans materialize anywhere close to what is being contemplated, this should be a spectacular investment.”