In Saratoga, a developer has secured an 11.6-acre parcel of land for $30.6 million to construct a 238-unit residential development. This project, proposed by a coalition of South Bay business executives, includes a mix of housing types such as townhomes, residential flats, and single-family detached units. With the plans currently undergoing city review, the development aims to address local housing demands. Additionally, the developers have acquired a loan of $23.3 million to support the project from West Coast Community Bank.
The acquisition of the land for $30.6 million signals a significant development in housing as the consortium plans to construct a 238-unit residential project.
Developers plan on building a diverse range of housing including townhomes, residential flats, and single-family homes to meet community needs.
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