Move-ins underway at Los Gatos’ North 40 development
Residents started moving in to Los Gatos’ controversial North 40 development earlier this week, marking a significant milestone in the decades-in-the-making project.
The North 40 property at the northwest corner of Los Gatos Boulevard and Lark Avenue includes 253 market-rate units, 49 affordable units for seniors and a market hall with restaurant and retail space.
Construction on Walnut Grove, an affordable housing property for seniors, wrapped up last month, and developer Eden Housing said tenants started moving in this week.
As of Thursday, 27 tenants had signed their leases, and 14 more are likely to be finalized soon.
“We’re just excited to have people moving in. They’re really pleased with the building and location, and the view of the mountains,” said Tami Strauss, Eden Housing’s associate director of real estate development. “It’s really awesome to have so many amenities right outside the building, and just to have affordable housing in the area. It’s very limited in this area.”
Ten of the 49 units are listed at $948 a month, and 39 at $1,580 a month. More than 340 people were on the waiting list for the property, and seniors were selected through a random lottery.
Eden Housing bought the 50 units, which include one property manager’s suite, for $16.9 million last December from SummerHill Homes, which is developing the location’s market rate Bellaterra development.
The units are on the third and fourth floors of a mixed-use building, and the market hall will take up the first two floors with retail and restaurant space.
Half of the 253 market-rate units at the nearby Bellaterra development have already been purchased, SummerHill Homes developer Chris Neighbor said, though it will be more than a year before any of those tenants move in. Construction is forecasted to wrap up by the summer of 2024.
The development boasts 23 different floor plans ranging from flats and townhouses to detached, small-lot single family “bungalows.” Prices range from the high $900,000s to $2.3 million.
“As you drive through now, you can see…how it’s really taking shape from a community standpoint,” Neighbor said. “People love the location. It’s smack dab in the middle of Silicon Valley, short drive to downtown, and the schools.”
Of those who have purchased units so far, Neighbor has seen tech employees moving back to Silicon Valley to be closer to work, and Los Gatos residents who are downsizing or helping their kids buy homes in town.
Details about the large market hall, which sits under the affordable senior units, emerged last month when David Kinch, owner of the recently closed Manresa, announced he and his business and bakery partners will create the first restaurants for the location.
Harmonie Park Development, which is developing the hall, announced last month they leased 7,100 square feet of the building to Kinch and his partners.
The 66,000-square-foot building, called The Junction, will include other restaurants and shops.
The Manresa team will open a second location of Mentone, a coastal French and Italian-inspired Kinch restaurant that first opened in Aptos in 2020. The location will also feature Los Gatos’ second Manresa Bread location. They agreed to another yet-to-be-announced restaurant on the property as well.
Harmonie said The Junction will feature plenty of open space, community gardens, live music and events.