In October 2014, Sand Hill Property Co. purchased the Macy's, J. C. Penney, and Sears sites for approximately US$200 million. In November 2014, Sand Hill completed purchase of the entire mall for a total of US$320 million, the first time the entire mall including the anchor stores had been under the same ownership. In January 2015, J. C. Penney and Macy's announced plans to close their Vallco locations; Sears also announced that its store would close in October 2015. These left Vallco without any anchor tenants. In August 2015, Sand Hill announced a plan to demolish the mall structures and make it into The Hills at Vallco, a retail, office, and residential development based on a street grid. It was to be covered with the world's largest green roof, to be occupied by a city park. Rafael Viñoly Architects and OLIN Landscape Architects were selected as chief designers of the project. In November 2016, voters rejected two ballot initiatives related to Vallco: Measure C, which would have attempted to freeze Vallco as a retail center without offices or housing, in addition to imposing additional restrictions on development options throughout the city, and Measure D, which would have approved the proposed Hills at Vallco project, bypassing standard city approval processes. In the wake of the votes, Sand Hill announced it would stop investing in the mall. Managing Director Reed Moulds said the company "will not sell the land nor make investments into the current failed asset. In order for us to invest in Vallco we have to be certain it will be a worthwhile investment and not just the Band-Aid approaches that have failed Vallco for decades. Until Cupertino is ready for that approach, we have no choice but to stop". In a follow-up statement, he said current tenants' leases would be honored so long as they remained at the mall; AMC Theatres, Bowlmor Lanes, Ice Center Cupertino, and Benihana all indicated their intention to stay. However, all vacant areas of the mall would be closed for security reasons, and remaining tenants without lease terms are to be evicted. In May 2017, Sand Hill began implementing the closure of vacant areas, with seven new interior walls erected and a fenced-off section in front of the former Macy's. On March 7, 2018, Sand Hill and AMC Theatres announced that the movie theater would close on March 22, 2018 – making the 16-screen megaplex's lifespan less than 11 years.