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Grosvenor Submits Application for North 40 Phase II – Focus on Affordable Housing and Community Growth in Los Gatos

  • A commitment to inclusivity: 20% affordable units proposed
  • Partnership with Eden Housing to support on-site affordable housing
  • Grosvenor donates 1.5 acres of land to build needed apartments

LOS GATOS Calif., Sept. 25th, 2023 – Grosvenor, a privately held property owner and developer with a 50-year track record in the San Francisco Bay Area, confirmed their plans to donate approximately 1.5 acres of land to Eden Housing, a leading nonprofit affordable housing developer, to build 67  apartments for individuals and families earning up to 60% of the area’s median income. Combined with Eden’s Walnut Grove affordable senior housing project on the first phase of the North 40, these two projects account for half of the low- to very-low income housing projects developed in the Town of Los Gatos since 2007.

“Already, the Phase I development of Walnut Grove has been so successful in providing safe and sustainable homes for low-income seniors, and we are eagerly anticipating the opportunity to create more housing opportunities for so many in the community who need them, thanks to this generous donation from Grosvenor,” said Linda Mandolini, President and CEO of Eden Housing. “A vibrant town depends on having a mix of residents, and without this land donation, it would be out of reach for us to develop, which would deprive many deserving individuals eager to establish or maintain roots and contribute to the Town of Los Gatos.”

The proposed new development would complement the Walnut Grove community by introducing family housing opportunities to the North 40 community, with half of the homes planned as two- and three-bedroom apartments. Eden Housing anticipates a range of affordability levels, as well as amenities such as a community gathering space and a play structure. Additionally, the development incorporates sustainable and energy-efficient design features, promoting environmentally friendly living and reducing utility costs for residents.

Walnut Grove, which provides 50 high-quality, affordable apartment homes for seniors, is located in the retail district of Phase I known as The Junction, an innovative, contemporary community featuring gathering areas and proposed specialty markets and retail concepts.

North 40 Phase II project designed to fulfill Town’s housing goals and support its efforts to meet state requirements

Grosvenor also submitted its application for the remainder of the land under their control on Phase II of the North 40, designed to assist the Town in meeting their California State housing requirements. This phase will provide 91 affordable homes built across the site, 67 of which will be located on the land donated to Eden Housing. The affordable units will be available to individuals and families earning up to 80% of the area median income (AMI).

The residential program will also include 360 new rental apartments and for-sale and/or for-rent townhomes. The housing will be complemented by various resident amenities and community-serving ground floor commercial spaces. The new buildings border a generously sized central park, referred to as The Meadow, open to the public and visible from Los Gatos Boulevard along a pedestrian “Paseo”. On-site streets will be connected to existing Phase I streets to complete the internal circulation system as anticipated in the North 40 Specific Plan.

“We are excited to see this project advance and take shape as an important component of Los Gatos’ dynamic community, and to partner with Eden Housing, one of California’s premier affordable housing developers, to create a high-quality living environment that’s inclusive and financially accessible to a diverse group of individuals” said Steve Buster, Senior Vice President of Development for Grosvenor in San Francisco. “We are equally excited about providing a mix of housing options, ranging from smaller apartments to larger town homes.  Our goal is to help meet the needs of the community and local residents, while increasing diversity and supporting the Town’s Housing Element and General Plan 2040.”

Illustration of the proposed meadow

Illustration of the proposed meadow

Grosvenor’s project team includes affordable housing developer Eden Housing, architecture firms Perkins&Will, Dahlin Group and Heller Manus, civil engineering firm MacKay and Somps, and Los Gatos-headquartered project consultant, Harmonie Park Development. Throughout the process, the project team has maintained open dialogue with the community by soliciting input and hosting community meetings. The application reflects the valuable insights of residents while supporting the Town’s commitment to provide more diverse housing.

Phase II of the North 40 encapsulates Los Gatos’ rich history of more than 125 years, characterized by a commitment to balancing present and future needs. This thoughtfully designed plan is a unique reflection of the community, seamlessly integrating residential, commercial, and public spaces while preserving the distinctive character of Los Gatos.

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About Grosvenor

Grosvenor has operated a diversified real estate business in North America since 1952. As of December 31, 2022, the Company had assets under management of USD$4.1bn, including 74 high-quality properties, and is executing on a USD$4.7bn development pipeline across its active markets. Consistent with the firm’s farsighted approach to ownership and development, Grosvenor values long-term partnerships; across their nine active capital partners, the average relationship is 20 years.

Grosvenor signed the World Green Building Council’s Net Zero Carbon Buildings Commitment in 2019 and has publicly reported its annual consumption and reduction values for 15 years.

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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.