Property deal helps launch San Jose housing development near BART

"KB Home South Bay paid $9.4 million to buy a site where 48 for-sale residences are slated to be built at 1655 Berryessa Rd., documents filed on Wednesday with the Santa Clara County Recorder's Office show. The 48 residences would consist of 24 townhomes and 24 single-family detached houses on a site that is part of a property near the Berryessa BART station where hundreds of homes are in the works, according to Ralph Borelli, a commercial real estate executive who is a consultant for members of the Facchino family, the sellers of the property,."

"This is an important step, Borelli said. You will see hundreds of homes built here that will be within walking distance to BART. Currently, the Berryessa station is the only BART stop in San Jose. KB Home South Bay is undertaking wide-ranging endeavors to prepare the entire site for several hundred more homes. It is conducting structure demolitions, grading, underground utility installations, and building streets, sidewalks, and landscaping,"

"The overall development site totals about 13 acres. The just-bought property where KB will develop for-sale townhomes and single-family residences covers a small portion of that. Other components of the housing development site that are still in the works, according to Borelli and Schoennauer, include 260 affordable apartment units and 338 market-rate apartment units. Bay Area real estate firm Swenson is expected to build the affordable units. The affordable homes are possible because Swenson received state and federal"

KB Home South Bay purchased a parcel at 1655 Berryessa Rd. for $9.4 million to build 48 for-sale residences, including 24 townhomes and 24 single-family detached houses. The parcel is part of a roughly 13-acre development site near the Berryessa BART station that will include hundreds of homes within walking distance to transit. KB Home is performing demolitions, grading, underground utility work, and constructing streets, sidewalks, and landscaping to provide infrastructure for additional housing. Planned components include 260 affordable apartments and 338 market-rate apartments, with Bay Area firm Swenson expected to build the affordable units.

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