Updated: Netflix Signs Lease for Future Los Gatos Campus Project

Update: 3 p.m. Wednesday, Dec. 12: Future Netflix project developer John Shenk said a new 10-year lease signed by the giant Internet streaming company this week will accommodate its growth needs.

The agreement is for the first phase of the project at 90-160 Albright Way and Winchester Boulevard, which includes a 550,000 square feet of offices and now excludes residential development in four buildings that are each four stories high.

"They have leased the first building and have options on the entire project," Shenk said, adding that the Town of Los Gatos is conducting an environmental impact review of the project, which will be published and be in circulation in early 2013.

The document will have 45 days for the public and other interested parties to formally comment on its findings to the town, which will then respond and address any concerns raised and begin hearings.

Shenk said he envisioned hearings beginning in March of 2013. The project will then be presented to the Los Gatos Planning Commission and the Council, which will have the ultimate say as to the EIR, the planned development zoning and architecture and site applications.

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Netflix has signed a lease agreement with Los Gatos Business Park LLC, the owners of land at 90-160 Albright Way and 14600 Winchester Boulevard.

The lease agreement comes more than a month after the Los Gatos Town Council gave the project's developer, John R. Shenk, direction to illustrate the proposed height of the buildings, which has been reduced to 65 feet.

The company, which has been headquartered in Los Gatos since March 1999, is hoping to expand from its current campus at 100 Winchester Circle, into the Los Gatos Business Park property that's currently occupied by buildings that would need to be demolished before anything is built.

Just weeks before the legal challenge was filed,

The EIR is currently under way.