Hong Kong (CNN Business) Google is teaming up with an Australian developer to build $15 billion worth of homes, offices and retail space in the San Francisco Bay Area.

Lendlease LLESY Google GOOGL will work withfor the next 10 to 15 years to redevelop the US tech company's landholdings in San Jose, Sunnyvale and Mountain View, the Sydney-based company said in a statement Thursday. Work could start as early as 2021.

Google's agreement with Lendlease will "play a key role in helping deliver at least 15,000 new homes on our land," David Radcliffe, Google's vice president for real estate and workplace services, said in a statement.

The tie-up with Lendlease is part of Google's $1 billion pledge in June to help create more affordable housing options in the Bay Area. The tech giant committed land worth $750 million to building residential projects, as well as $250 million to encourage developers to build affordable housing.

Silicon Valley, home to some of the world's biggest tech companies, has been grappling with a housing crisis for years.

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