The mystery purchasers of nearly $1 billion of undeveloped land adjacent to a California military base have been revealed to be influential individuals from Silicon Valley, debunking concerns from some lawmakers that Chinese spies were behind the acquisition. The purchase by Flannery Associates, which has now become the largest landowner in Solano County, raised worry that a foreign entity might exploit the investment to compromise US national security. However, it appears that Flannery’s supporters include prominent tech figures such as LinkedIn co-founder Reid Hoffman and philanthropist Laurene Powell Jobs from Emerson Collective. These deep-pocketed investors reportedly have plans to transform the land into an exemplary city, incorporating sustainable energy and a pedestrian-friendly layout.
Aside from Hoffman and Powell Jobs, Flannery’s investors also include Marc Andreessen of Andreessen Horowitz, former Sequoia Capital partner Michael Moritz, Stripe co-founders Patrick and John Collison, as well as entrepreneurs Nat Friedman and Daniel Gross. Flannery spokesperson Brian Brokaw expressed the pride felt by the group in partnering on a project that aims to provide well-paying jobs, affordable housing, clean energy, sustainable infrastructure, open space, and a healthy environment to Solano County residents. Brokaw added that they are excited to collaborate with residents, elected officials, and Travis Air Force Base to turn these aspirations into reality.
The group is led by Jan Sramek, a 36-year-old former Goldman Sachs trader who spent years gathering funding from Silicon Valley luminaries for the project. The amount contributed by each investor to Flannery remains unknown. However, The New York Times reports that the group has invested over $800 million in acquiring thousands of acres of land in the region.
Michael Moritz expressed in a 2017 email to a potential investor that the project aims to alleviate some of the pressures experienced in Silicon Valley, including rising home prices, homelessness, and congestion. Flannery’s recent land acquisitions have sparked unease among local residents and the federal government, which initiated a probe into the purchases in July. In recent days, Solano County residents received surveys via text messages, prompting their input on the planned city, which includes tens of thousands of new homes, orchards, and a solar energy farm.
Flannery recently filed a lawsuit against a group of local landowners, accusing them of colluding in a scheme to artificially inflate property prices. Lawyers representing the landowners deny any wrongdoing. Federal officials initially raised concerns about the mysterious land grab due to national security implications.
Local Democratic lawmakers Reps. John Garamendi and Mike Thompson, who previously called for an investigation into the land purchases by the Committee on Foreign Investment, stated that Flannery had requested meetings regarding the project. They have raised questions about Flannery’s intentions and their association with Travis Air Force Base. Clearing numerous legal and regulatory obstacles, including local voter approval, would be necessary for Flannery to proceed with the project since the acquired land is currently designated for agricultural use.
Flannery previously downplayed concerns about the project, emphasizing that 97% of the funding came from American investors, with the remaining portion originating from backers in the United Kingdom and Ireland. Lawmakers in the US expressed worry about the land purchases near Travis Air Force Base following a Chinese company’s acquisition of 300 acres of farmland near a US Air Force base in Grand Forks, North Dakota, which housed sensitive drone technology.
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