California News

Palo Alto townhouse plans get big boost from real estate deal

PALO ALTO — A Palo Alto townhouse project that would replace an office building with dozens of residences is moving forward now that the developer has purchased the site it needs to build the project.

SummerHill Homes, acting through an affiliate, purchased property at 2850 W. Bayshore Road in Palo Alto, paying $82.5 million for the site, according to documents filed Oct. 20 with the Office of the Santa Clara County Registrar.

The proposed project consists of 48 townhouses that would be developed on a 2.4 acre site in West Bayshore.

Currently, a one-story office building occupies the property, according to a site survey.

The SummerHill Homes subsidiary also secured $45 million in financing from Comerica Bank when it purchased the property, according to county real estate records.

California Daily Newspapers

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