British developers Grosvenor Americas have purchased a 32-acre walnut grove on Los Gatos Boulevard from the Yuki family, and are now negotiating with local authorities for the rights to develop the property for residential units and office space. The acquisition has been described as “a very rare opportunity to find this big a piece of property in the heart of Silicon Valley. “Though no announcement has been made about the cost of the deal, if the land sold for $50 per square foot, it would be worth about $70 million.
Local authorities say that many local residents will be sad to see the last orchard grove along Los Gatos Boulevard succumb to developers, the town has lost revenue over the past few years, particularly with the loss of its automobile retailers, and the sale could be an ideal antidote for this. Los Gatos is slated to adopt a new General Plan for development this August.
Read More at the Business Journal.
http://sanjose.bizjournals.com/sanjose/stories/2010/07/12/story1.html?b=1278907200^3619681
Comments (0)
Post a comment
There are no comments for this entry yet.