Signature Gets Sign-Off to Build 422 Townhomes in East Bay

The Mitchell Townhomes redevelopment in Walnut Creek from Signature Development, has cleared two appeals, with the developer now hunting for financing.

Signature will tear down the 450,000‑square‑foot Walnut Creek Executive Park and replace it with 422 homes, including 55 affordable units.

The site’s owner, California Capital and Investment Group, bought the property in 2022 for nearly $50 million from Rialto Capital and Koll Company; Signature has an option to acquire it.

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Despite two appeals, the Mitchell Townhomes project in Walnut Creek has prevailed at City Hall and now moves to the funding stage.

The project from Oakland-based Signature Development involves demolition of the 450,000-square-foot Walnut Creek Executive Park and its replacement with 422 homes at Mitchell Drive and Shadelands Drive, the San Francisco Business Times reported.

The City Council voted to uphold approvals under SB 330 and the builder’s remedy, which allows housing projects with affordable components to bypass local zoning restrictions in cases where local authorities fail to meet state-imposed planning requirements.

Signature filed its preliminary application in 2023, just days before Walnut Creek’s Housing Element plan was certified by the state, thus securing eligibility for the builder’s remedy. Senior Vice President Jonathan Fearn said demolition could begin early next year, with the search for financing now underway through debt and equity partners.

Friends of Walnut Creek and a group of residents at nearby Viamonte Senior Living community filed the appeals opposing the project’s approval.

The site’s owner, California Capital and Investment Group, purchased the property in 2022 for nearly $50 million from a joint venture between Rialto Capital and Koll Company. Signature has an option to acquire the land.

Plans for the 27‑acre property reflect a growing preference for townhomes — a more financially feasible and attainable ownership model than single-family homes — offering “the next step up for Bay Area families,” Fearn said. The development includes 55 affordable units in compliance with builder’s remedy.

This redevelopment aligns with an emerging East Bay trend of converting office parks to residences. Sunset Development has demolished millions of square feet of offices at Bishop Ranch in San Ramon to build thousands of homes as part of a live‑work‑play master plan.

According to CBRE, roughly 15 percent of office space along the I‑680 corridor could be converted to housing or other uses by 2030, with Walnut Creek, Pleasanton and San Ramon leading the shift. In Walnut Creek’s Shadelands district, office inventory is projected to shrink by 35.8 percent, or 644,000 square feet, underscoring how projects like Mitchell Townhomes can redefine the suburban landscape for a post‑office‑era Bay Area.

– Joel Russell