Move-ins underway at North 40 development

Walnut Grove, an affordable housing property for seniors, ended construction last month

Residents started moving in to Los Gatos' controversial North 40 development this month, marking a significant milestone in the decades-in-the-making project.

The North 40 property at the northwest corner of Los Gatos Boulevard and Lark Avenue includes 253 market-rate units, 49 affordable units for seniors and a market hall with restaurant and retail space.

Construction on Walnut Grove, an affordable housing property for seniors, wrapped up last month, and developer Eden Housing said tenants started moving in this month.

As of Feb. 2, 27 tenants had signed their leases, and 14 more are likely to be finalized soon.

“We're just excited to have people moving in. They're really pleased with the building and location, and the view of the mountains,” said Tami Strauss, Eden Housing's associate director of real estate development. “It's really awesome to have so many amenities right outside the building, and just to have affordable housing in the area. It's very limited in this area.”

Ten of the 49 units are listed at $948 a month, and 39 at $1,580 a month. More than 340 people were on the waiting list for the property, and seniors were selected by lottery.

Eden Housing bought the 50 units, which include one property manager's suite, for $16.9 million last December from SummerHill Homes, which is developing the location's market rate Bellaterra development.

The units are on the third and fourth floors of a mixed-use building, and the market hall will take up the first two floors with retail and restaurant space.

Half of the 253 market-rate units at the nearby Bellaterra development have already been purchased, SummerHill Homes developer Chris Neighbor said, though it will be more than a year before any of those tenants move in. Construction is forecast to wrap up by the summer of 2024.

The development boasts 23 different floor plans ranging from flats and town houses to detached, small-lot single family “bungalows.” Prices range from the high $900,000s to $2.3 million.

“As you drive through now, you can see… how it's really taking shape from a community standpoint,” Neighbor said. “People