Mountain View – A proposed residential project that would form a gateway into downtown Mountain View is proceeding with the purchase of two key properties needed for development.
GPR Ventures aims to develop 139 condominiums near the corner of Castro Street and West El Camino Real and assemble the properties for the residential project.
The development, called Castro, will produce condominiums for sale as well as some affordable units.
“Castro provides convenient and walkable access to a variety of facilities, retail, restaurants and some of the world’s largest companies such as Google, Apple and eBay,” said Glenn Yonkura, co-founder and managing chief executive of GPR Ventures.
The most recent transaction for the project occurred in late November when GPR Ventures affiliates purchased parcels at 700 W El Camino Real and 903 Castro St., documents filed with the Santa Clara County Recorder’s Office show. According to county public records, the associates paid a total of $19.1 million for the two properties.
Dave Taxin and Keon Vosoghi, brokers for Meacham/Oppenheimer, a commercial real estate firm, arranged the purchase of two retail buildings.
GPR Ventures paid $10.5 million for the 700 W El Camino Real building, currently leased to California Bank & Trust, and $8.6 million for the 903 Castro Building, now vacant That is, county property records show.
“These are one of the highest land prices ever for the region,” said Taxin, partner at Meacham/Oppenheimer.
According to Taxin, GPR Ventures has been assembling sites for the project for the past three years.
The development, which also includes a relocated and expanded city park, will be located at the southern end of Downtown Mountain View.
“You have transit, walkable restaurants, retail, medical, everything you need at your doorstep for anyone who doesn’t want to be in a car,” Taxin said. “It remains a big deal in Silicon Valley.”
GPR Ventures is eyeing commercial space with residential units on the first floor of the project. The real estate firm is also considering a rooftop deck with pool.
“With new mixed-use developments including a new city park, GPR hopes to revitalize the entrance to Downtown Mountain View,” the development company said.