405 Alberto Way Los Gatos, CA 95032

Property Details for 405 Alberto Way

Lot size

2.15 lot acres

Property type

Retirement homes

Property subtype

Retail properties

Description

This exceptional 2.15-acre development site in Los Gatos, California, presents a unique opportunity to acquire a transformative mixed-use project. Located at 405 Alberto Way, this property is zoned CH and boasts a prime location, just 0.6 miles from North Santa Cruz Avenue and the vibrant downtown area. Currently designed as two 6-story buildings, the project will encompass 78 luxury condo units—65 market-rate and 13 affordable units (120% AMI), achieving a density of 30 units per acre. This aligns perfectly with the Town of Los Gatos' Housing Element Overlay Zone (HEOZ), which encourages higher-density development. Significant progress has already been made on the entitlement process, with numerous revisions to prior plans already completed and vetted by the Town's Public Works and Engineering Department. The streamlined SB 330 submission process is expected to expedite approval, with a projected timeline for project completion by late spring 2025. This represents one of the last remaining large undeveloped parcels in Los Gatos, offering an unparalleled opportunity to capitalize on the area's high demand for housing and its coveted location within a luxury submarket experiencing a significant housing shortage. The median home sales price in this desirable area is $2.64 million, underscoring the exceptional investment potential of this project. The property's APN is 529-23-018. The project's convenient access to downtown Los Gatos and its proximity to numerous amenities further enhance its appeal.