Project pushes ahead with the purchase of two key properties
Condos, affordable homes, new park could help welcome new residents
MOUNTAIN VIEW >> A proposed residential project that would create a gateway into downtown Mountain View is pushing ahead with the purchase of two key properties needed for the development.
GPR Ventures aims to develop 139 condominiums near the corner of Castro Street and West El Camino Real and has been assembling properties for the residential project.
The development, called Castro, would produce condominiums for sale as well as some affordable units.
“Castro provides convenient and walkable access to various amenities, retail, restaurants, and short commutes to some of the world’s largest companies such as Google, Apple and ebay,” said Glen Yonekura, cofounder and managing principal executive with GPR Ventures.
The most recent transactions for the project occurred in late November when affiliates of GPR Ventures bought parcels at 700 W. El Camino Real and 903 Castro St., documents filed with the Santa Clara County Recorder’s Office show. The affiliates paid a combined total of $19.1 million for the two properties, according to the county public records.
Brokers Dave Taxin and Keon Vossoughi of Meacham/oppenheimer, a commercial real estate firm, arranged the purchases. GPR Ventures paid $10.5 million for the W. El Camino Real building, currently leased to California Bank & Trust, and $8.6 million for the Castro Street building, which is now empty, the county property records show.
“These are among the highest land prices ever paid for this area,” said Taxin, a partner with Meacham/oppenheimer.
GPR Ventures has been assembling sites for the project over the last three years, according to Taxin. The development, which includes a relocated and expanded city park, would be located at the southern end of downtown Mountain View.
“You have transit, walkable restaurants, retail, medical, there is everything you need right at your doorstep for anyone who doesn’t want to be in a car,” Taxin said. “This continues to be a big thing in Silicon Valley.”
GPR Ventures is eyeing commercial space on the first floor of the project with residential units above. The real estate firm also is considering a rooftop deck with a pool.