PALO ALTO — A Palo Alto townhouse undertaking that will substitute an workplace constructing with dozens of residences is pushing ahead now that the developer has purchased the positioning it must assemble the undertaking.
SummerHill Properties, appearing by means of an affiliate, has purchased a property at 2850 W. Bayshore Highway in Palo Alto, paying $27.5 million for the positioning, in response to paperwork filed on Oct. 20 with the Santa Clara County Recorder’s Workplace.
The proposed undertaking consists of 48 townhomes that will be developed on a 2.4-acre website on West Bayshore.
At current, a one-story workplace constructing occupies the property, a survey of the positioning exhibits.
The SummerHill Properties affiliate additionally obtained $45 million in financing from Comerica Financial institution on the time of the property buy, the county property recordsdata present.
The townhomes will likely be connected and are slated to be three tales excessive, the event plans present.
Facilities on website for the undertaking embrace an open space on the inside of the event away from the primary West Bayshore Highway.
Parks, baseball fields, a softball subject, a playground, a skatepark and trails are instantly adjoining to the event website.
The timeframe for completion of the event wasn’t disclosed. The event plans didn’t disclose what the pricing could be for the townhomes.