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In the first of potentially three ribbon- cuttings at a Sobrato Development project on Winchester Boulevard, Netflix employees and Los Gatos dignitaries celebrated the completion of the DVD rental website's headquarters on March 21.
With a quick cut by Netflix CEO Reed Hastings and CFO Barry McCarthy, and John Sobrato of Sobrato Development Companies, the crowd of about 20 people moved inside, receiving a tour of the building.
"It's a gorgeous building, and inside it is just amazing," said Councilman Mike Wasserman. "The excellence in design is just wonderful, and I'm looking forward to the completion of the other phases."
Netflix's 80,000-square-foot headquarters is the first of three phases that will be developed by Sobrato on the 12.2-acre plot of land bordering Highway 85 in Los Gatos. The other phases will include 290 apartments--51 that will be below-market housing--and an underground parking garage, and finally 160,000 square feet of office space. Plans for development began in 1999, and it is expected that all the phases will be completed by Devcon Construction by 2007.
The headquarters is the office for 200 Netflix employees, who moved into the building in January from 970 University Ave.
"It is a building that is of the quality and the standard that we had all hoped it would be, and it is one that Los Gatos can be very proud of," said Town Manager Debra Figone.
Netflix has operated in town since 1997, said director of corporate communications Steve Swasey. In the past year, Swasey said, subscribers have nearly tripled. In 2005, the company recorded 4 million subscribers.
Behind auto dealers, Netflix is one of the top generators to the town's budgeted sales-tax revenue--last year, it accounted for $1.3 million in revenue.
The development represents an increase in consumers, Wasserman said. Netflix employees help contribute to the viability of the town by supporting local businesses. And, once the housing phase is completed, Wasserman estimates that it will provide another 400 to 500 future consumers.
Additionally, the Valley Transportation Authority has plans to extend the light rail stops at the foot of Netflix.
"We hope that it will be a light rail corridor," Figone said.
Swasey said though Netflix considered relocating its headquarters outside of Los Gatos, it ultimately wanted to stay in town.
"A company is always looking for maximum value and efficiency, but we really wanted to stay here," he said. "We like doing business in Los Gatos. It is great access for our employees, who commute from Santa Cruz, Palo Alto, San Francisco and Danville, and the town itself is great."
Which is good news for Los Gatos.
"It's a wonderful corporate headquarters, and we are just very happy that it has chosen to remain in town," Figone said.
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