CUPERTINO – Three residential projects in Cupertino, including affordable housing developments, are driving the purchase of the properties needed to build the houses.
The Westport development would bring 294 homes and commercial spaces on the ground floor to the lots at 21267 Stevens Creek Blvd. in Cupertino, according to plans by KT Urban, one of the sellers in recent real estate transactions.
“We believe this will be a great housing development for the city of Cupertino,” said Mark Tersini, Senior Executive at KT Urban.
In two separate transactions, real estate developers paid a combined $ 80.5 million for land that would be used for development, according to documents filed with the Santa Clara County Recorder’s Office.
A group led by Varde Partners, Minnesota, paid $ 71.4 million for part of the development site, according to documents filed in Santa Clara County on December 29th.
Separately, a subsidiary headed by The Pacific Cos paid. from Idaho and Central Valley Coalition for Affordable Housing from Merced $ 9.1 million for a smaller portion of the site.
Taylor Morrison, a veteran housing developer, has also been given an option to purchase part of the development, the county records show. The value of the option was not disclosed in the public documents.
“The development addresses the housing needs of young families as well as affordable and supervised housing units for senior citizens,” said Tersini.
According to the zoning plans, the project will consist of several types of housing:
– 158 apartments for the elderly, including 27 memory care units
– 48 senior units with a below-market interest rate
– 88 townhouses
In addition, 20,000 square meters of retail space on the ground floor are to be part of the development.
Tersini estimates that the various residential components of the project should be ready by the end of 2022.
A number of amenities are also included in the project proposal.
“An on-site library, theater, rooftop and patio, doctor’s offices and exercise room provide a range of activities and support for elderly residents” are among the features of the development, according to the Westport project website.