SANTA CLARA — Nearly 900 rental and for-sale homes are being offered in Santa Clara, part of what’s described as an urban town within walking distance of a rail stop.
The Nuevo complex will consist of 868 homes, along with 40,000 square feet of retail and restaurant space, a 4,000-square-foot community center, six acres of parks and a neighborhood garden.
The homes consist of 537 apartments for rent and 331 residences of varying sizes that are for sale, according to project developer SummerHill Homes.
“Located in the global center of technology, Nuevo will cater to the needs of the modern home buyer by meeting the growing demand for centrally located housing in close proximity to major job centers, entertainment and retail,” said Robert Freed, president of SummerHill Homes.
To be sure, with its location a few blocks from Sunnyvale’s Lawrence Station, which is served by Caltrain, the Nuevo complex will boast the draw of being near a rail stop.
Still, the development also may serve as a measure of the Bay Area housing market, which, by some measures, has begun to cool off.
Why? Prices for the homes that are up for sale in the $1.2 million, $1.6 million, or $2 million range. At the end of 2018, the median price for a Santa Clara County home, excluding condominiums, was $1.15 million.
The for-sale homes have two, three, or four bedrooms, depending on the floor plans. The apartments have one and two bedroom, although pricing and precise sizes are yet to be revealed for the rental units.
The project at some point will also include a 126-unit condominium building that will be developed by veteran home builder Toll Brothers.
SummerHill homes recently obtained a pair of loans from Wells Fargo totaling $266 million that will be used for the project’s construction.
People should be able to start moving into the first groups of homes by late this year, SummerHill said.
The parks in Nuevo are slated for completion before year’s end. The community center is due open in the spring of 2020.
The hiring surge by the tech sector has intensified the hunt for housing in Silicon Valley.
Through a combination of property purchases, leases, or both, tech behemoths such as Google, Apple, Facebook and Amazon have launched an expansion boom that’s the greatest in memory. That growth surge has, in turn, increased demand for homes near the Bay Area’s employment hubs.
“Silicon Valley continues to lead the Bay Area’s tech boom with four times more tech occupancy than San Francisco,” said Chris Neighbor, chief operating officer with SummerHill. “With new companies moving into the area and existing companies expanding their footprint, the demand for high-quality new housing will only continue to rise.”
Urban community in Santa Clara is launched near train stop