The project includes a seven-story, 505-unit market-rate apartment building, a five-story, 132-unit, 100% affordable apartment building and 100 for-sale townhouse units configured in 14 three-story buildings. This site's been vacant for many years, and when we were first introduced to this site about two and a half years ago, it was in the time when builders' remedy applications seeking to lower density were abundant, said Scott Connelly, a representative of Valley Oaks Partners.
McCarthy Development, a Los Gatos-based real estate firm that is floating the proposal, intends to bulldoze five buildings on the site and replace them with three new buildings, according to the proposal. Designed as a high-end industrial campus, the facility can support advanced manufacturing, research and development, technology, some warehouse, and office uses, McCarthy Development stated in project plans. The three new buildings are slated to total 437,600 square feet.