As part of our zoning application for North 40 Phase II, a mixed-use development in Los Gatos, California, our North American property business has committed to donate approximately 1.5 acres of land to a leading non-profit affordable housing developer that plans to build 67 apartments for individuals and families earning up to 60% of the areas’ median income (AMI). Combined with Walnut Grove, a new affordable senior housing development in North 40 Phase 1, these projects account for half of the low- to very-low-income housing projects developed in Los Gatos since 2007, a region whose housing is chronically undersupplied.

The land donation, while providing critical inclusionary housing to the community and assisting the town in meeting its California State housing requirements, will satisfy most of our mandated affordable housing on Phase 2 and allows our development programme to deliver highly valuable, market rate housing on the balance of the site. The residential programme will include 360 new market rate rental apartments and for-sale and/or for-rent townhomes plus 23 affordable rental units available to those earning up to 60% of the AMI, complemented by various resident amenities, community-serving ground floor commercial spaces and a large public park.