Mysterious new California city backed by some of the biggest names in Silicon Valley: report

Jan Sramek, a erstwhile Goldman Sachs trader, has been softly moving to physique an municipality utopia successful California nestled adjacent San Francisco and Silicon Valley. But conscionable a fewer years aft the mysterious task got underway, it is facing increasing scrutiny from section officials and residents.

According to a study from The New York Times Friday, Sramek is the brains down a institution called Flannery Associates, which has spent much than $800 cardinal scooping up thousands of acres of farmland. According to report, the steadfast wants to usage the onshore to rethink authorities and however buildings are constructed, though determination are fewer different details for the plan. A abstracted study from Bloomberg said the plans telephone for a "mega-city."

The institution has attracted immoderate of the biggest investors successful tech, including Reid Hoffman, the LinkedIn co-founder, Marc Andreessen, an capitalist astatine Andreessen Horowitz and billionaire task capitalist Michael Moritz, the study said.

It is not instantly wide however overmuch these backers invested.

Until recently, Flannery Associates has been shrouded successful mystery. Local residents were unnerved by the institution arsenic it bought up much and much land, according to the report. A Democratic typical successful a neighboring portion successful California told the Times helium had been trying to place the institution for years.

Flannery Associates lone became known to the authoritative aft the institution reached retired to acceptable up a meeting, which was its archetypal effort to talk with section representatives. But adjacent arsenic the institution eases into the nationalist eye, it faces an uphill conflict arsenic it contends with lawsuits from locals and thorny regulations similar California's strict zoning laws.

As of now, it is unclear if the metropolis volition ever marque it past the drafting board.

Read much astatine The New York Times.