LOS GATOS — Plans to develop affordable homes in Los Gatos for seniors are pushing forward after a builder bought a site where the project will emerge.
Eden Housing, acting through an affiliate, bought the residential section of a nearly completed structure in Los Gatos, paying $16.9 million for the site, documents filed on Dec. 7 with the Santa Clara County Recorder’s Office show.
The just-bought property is part of phase one of the controversial North 40 complex that is rising near the northwest corner of Los Gatos Boulevard and Lark Avenue in Los Gatos.
Eden Housing bought the residential section of a mixed-use structure from SummerHill Homes, with both the buyer and the seller acting through affiliates, the county records show.
SummerHill Homes is building the Bellaterra residential subdivision as part of the first phase of North 40. Bellaterra is a community of homes for sale.
“Eden Housing, with our development partner, SummerHill Homes, is excited to announce our newest housing development, Walnut Grove,” Eden Housing stated in a post on its website.
The affordable housing development will provide 50 affordable units, Eden Housing stated in its post. Of the 50 units, 49 will be set aside for seniors aged 55 or older and one will be occupied by an on-site manager.
Seniors earning 30% to 50% of the area’s median income are the intended residents, according to Eden Housing.
“The 50 units will be situated on the 3rd and 4th floors above two stories of a ‘market hall’ with a restaurant and retail spaces,” Eden Housing said on its website.
Los Gatos officials deem the North 40 project to be a crucial component of the economic and housing mosaic of the community, according to a municipal vision statement regarding the development.
“The North 40 reflects the special nature of our hometown,” Los Gatos states in a post regarding the overall complex. “It celebrates our history, agricultural heritage, hillside views, and small-town character.”
The Walnut Grove senior apartment complex at North 40 is nearly completed, said Andrea Osgood, a senior vice president of real estate development with Eden Housing.
Eden Housing is awaiting a certificate of occupancy that would be issued by Los Gatos municipal officials so that people could actually move into the senior apartments.
“We are actively taking applications to lease the units,” Osgood said.
Eden Housing is seeing sturdy interest in the senior affordable apartments, according to Osgood.
“The housing crisis is so acute that we get a lot of interest for all of our properties,” Osgood said.