Milipitas housing boom! Newest project nets city 600 units
- Nathan Donato-Weinstein
- Real Estate Reporter- Silicon Valley Business Journal
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The new 600-unit development, which is also slated to include about 60,000 square feet of retail space, is just the latest example of mushrooming interest in converting older industrial properties in the area centered around the city's planned Bay Area Rapid Transit station near the Great Mall. Two weeks ago, I wrote about Citation Homes grabbing a 5.6-acre site where it is planning 381 units.
"With BART coming down and (Valley Transportation Authority) already there, it made sense for that area to become higher density residential and get rid of R&D, single-story tilt-up stuff that's there," said Glenn Brown, vice president of entitlements for Integral. "The elements are there as far as transportation and economics."
Integral's new project is called "Centre Point" and would be located on an L-shaped parcel along Centre Pointe Drive that is currently home to four older R&D buildings owned by an affiliate of the California State Teachers Retirement System. Integral is in contract to purchase them.
Integral's plan is for 604 units and 56,000 square feet of retail space. The biggest chunk -- about 350 units and the retail component -- would be built in a mixed-use building facing Great Mall Parkway. Those units would likely be rental. Several other three-story condo buildings would be developed going down the spine of Centre Point. The total density is about 40 units to the acre.
Integral will likely seek a buyer or partner for the project, though it is capable of building on its own, Brown said.
Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.
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