Report: Silicon Valley heavyweights support new city in California

Jan Sramek, a former Goldman Sachs trader, is quietly developing an innovative urban utopia near San Francisco and Silicon Valley in California. However, this ambitious project, which began a few years ago, is now facing growing scrutiny from local officials and residents.

According to a report published by The New York Times on Friday, Sramek is the mastermind behind Flannery Associates, a company that has invested over $800 million to acquire thousands of acres of farmland. The firm aims to transform the concept of governance and building construction using this land, although specific details regarding the plan remain scarce. Bloomberg has also reported on the project, describing it as a “mega-city.”

This undertaking has attracted major tech investors, including Reid Hoffman, the co-founder of LinkedIn; Marc Andreessen, an investor at Andreessen Horowitz; and billionaire venture capitalist Michael Moritz.

The exact amount of investment from these backers is currently unknown.

Flannery Associates has predominantly operated in secrecy until now. The increasing land acquisitions by the company had unsettled local residents. A Democratic representative from a neighboring region in California revealed to The New York Times that he had been trying to identify the company for years.

Only recently did Flannery Associates come to the attention of officials when the company reached out to arrange a meeting, marking its first attempt to engage with local representatives. However, despite emerging into the public eye, the endeavor faces significant challenges, including legal battles with locals and navigating California’s stringent zoning laws.

At this stage, it remains unclear if the city proposed by Flannery Associates will ever progress beyond the conceptual stage.

For more details, read the article on The New York Times.