North 40 team adjusts project’s parameters to fulfill Town’s housing goals and support its efforts to meet state requirements
LOS GATOS Calif., April 17, 2023 – Today Grosvenor Property Americas announced their plans to donate nearly two acres of land to affordable housing developer Eden Housing to build 68 low-income apartments for individuals and families earning up to 60% of the area’s median income. The land is located in the northern part of Los Gatos, at the intersection of Highway 17 and State route 85, within the second phase of the North 40 project.
“We are very grateful to Grosvenor for working with us and donating land to our organization. We are delighted to be able to help families establish roots in the Los Gatos community, which would be out of reach without this generous donation,” said Linda Mandolini, president and CEO of Eden Housing. “When combined with Walnut Grove, our affordable housing property for lower-income seniors age 55+, we will be able to offer a diverse portfolio of options in this thriving town.”
Walnut Grove is located in Phase I of the North 40, in the retail portion of Bellaterra above The Junction, an innovative, contemporary community featuring gathering areas and specialty markets and retail concepts.
Pre-Application for North 40 Phase II Submitted
On April 17th, Grosvenor Property Americas also submitted a Senate Bill 330 Pre-Application for the majority of Phase II of the North 40, tailored to help the Town meet their California State housing requirement. The plan will feature a two-acre central park, land that was previously privately owned and inaccessible to the community. Nearly 90 affordable homes will be built across the site, 68 of which will be located on the land donated to Eden Housing.
“The team has followed the Town’s Housing Element and General Plan 2040 over the years,” said Steve Buster, Senior Vice President for Grosvenor. “Throughout this time, we have evaluated a number of options to help the Town meet its Department of Housing and Community Development (HCD) requirements. We are pleased that we were able to find a viable solution, while still delivering a strong public open space area that will meet the needs of the community and local residents.”
Grosvenor’s project team includes Los Gatos-headquartered Harmonie Park Development, affordable housing developer Eden Housing, and architecture firms Perkins&Will, Dahlin Group and Heller Manus. The project team has maintained open dialog with the community throughout the development process including hosting several community meetings over the past two years to better understand residents’ housing and land use concerns. Continually the community expressed a desire for open space, which is reflected in the application, in addition to offering approximately 450 residential homes to help attain the Town’s commitment to provide more diverse housing.
For over 125 years, Los Gatos has balanced the needs of today and tomorrow, while honoring its historic and agrarian roots. The North 40 Phase II further unlocks the potential of a local site to help meet the town’s future needs, with a plan that is tailored to the community, and brings together the essential mix of residential, commercial, and public realm suited to Los Gatos.
Grosvenor has been an active property owner and developer in the US and Canada for 70 years. We focus on vibrant urban locations, making positive contributions to neighborhoods and communities. As of December 31, 2021, we had assets under management of USD$3.6bn, including 74 high-quality properties, and are executing on a USD$4.5bn* proprietary development pipeline across our active markets.
In North America, we signed the World Green Building Council’s Net Zero Carbon Buildings Commitment in 2019 and have been publicly reporting our annual consumption and reduction values for over 10 years. We are guided by industry leading ESG business principles and we report to the Global Real Estate Sustainability Benchmark (GRESB).
Part of an international property company with a track record of over 340 years, we develop, manage, and invest to improve property and places across many of the world’s leading cities, promoting sustainability within the built environment, and enhancing the wellbeing of our customers and communities.
We are a values-led organization which represents the Grosvenor family. Our work in property, alongside Grosvenor’s other activities in food & agtech, rural estate management and support for charitable initiatives, shares a common purpose – to deliver lasting commercial, social and environmental benefit –addressing today’s needs while taking responsibility for those of future generations. www.grosvenor.com
*As at Q2 2022.
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About Eden Housing
Eden Housing is a nonprofit organization with 55 years of experience providing safe and affordable housing that helps families stay secure, allows communities to thrive, and solves many of the most pressing housing challenges facing California cities. Since its inception, the Bay Area-based organization has developed more than 10,000 affordable homes and is a leader in making its residential communities environmentally sustainable and efficient through integrating energy conservation. Eden is also known as a champion of housing policy advocacy at the local, state, and national level, supporting practices that both create and preserve affordable housing for diverse communities. Learn more at www.edenhousing.org.