MOUNTAIN Check out — A proposed residential task that would create a gateway into downtown Mountain Perspective is pushing forward with the purchase of two essential qualities necessary for the advancement.
GPR Ventures aims to acquire 139 condominiums in close proximity to the corner of Castro Road and West El Camino Serious and has been assembling homes for the household task.
The progress, known as Castro, would generate for-sale condominiums as properly as some inexpensive models.
“Castro provides convenient and walkable obtain to a variety of facilities, retail, eating places, and short commutes to some of the world’s most significant companies these types of as Google, Apple and eBay,” reported Glen Yonekura, co-founder and taking care of principal executive with GPR Ventures.
The most new transactions for the challenge happened in late November when affiliate marketers of GPR Ventures acquired parcels at 700 W. El Camino Serious and 903 Castro St., paperwork filed with the Santa Clara County Recorder’s Office environment present. The affiliate marketers paid out a put together total of $19.1 million for the two attributes, in accordance to the county general public information.
Brokers Dave Taxin and Keon Vossoughi of Meacham/Oppenheimer, a commercial serious estate firm, arranged the purchases of the two retail properties.
GPR Ventures compensated $10.5 million for the 700 W. El Camino Genuine creating, at the moment leased to California Lender & Have faith in, and $8.6 million for the 903 Castro setting up, which is now vacant, the county home documents clearly show.
“These are amongst the best land rates ever paid out for this space,” claimed Taxin, a spouse with Meacham/Oppenheimer.
GPR Ventures has been assembling web sites for the undertaking over the past 3 yrs, according to Taxin.
The advancement, which also includes a relocated and expanded town park, would be found at the southern conclusion of downtown Mountain Check out.
“You have transit, walkable eating places, retail, clinical, there is everything you need right at your doorstep for any one who doesn’t want to be in a automobile,” Taxin said. “This carries on to be a significant thing in Silicon Valley.”
GPR Ventures is eyeing business area on the very first floor of the job with household models earlier mentioned. The real estate company also is taking into consideration a rooftop deck with a pool.
“With the new combined-use improvement including a new city park, GPR hopes to revitalize the gateway into downtown Mountain View,” the progress corporation stated.