PALO ALTO — A townhouse project in Palo Alto 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 $27.5 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.
The townhouses will be attached and should have three floors, according to the development plans.
On-site amenities for the project include an open area inside the development away from the main West Bayshore road.
Immediately adjacent to the development site are parks, baseball diamonds, a softball field, a playground, a skatepark and trails.
The timeline for development completion was not disclosed. Development plans have not disclosed what the price might be for the townhouses.