Property purchases propel downtown Mountain View housing project

A proposed residential project that would create a gateway to downtown Mountain View is a step closer to reality.

GPR Ventures paid $19.1 million for two parcels that will let the developer build 139 condominium units near the corner of Castro Street and West Camino Real, SiliconValley.com reported. The development, dubbed Castro, would yield for-sale condos and some affordable units.

The sites are at 700 West El Camino Real and 903 Castro Street. The Camino Real property, which is leased to California Bank & Trust, cost $10.5 million and the empty Castro building had a price tag of $8.6 million.

GPR Ventures has been working on for the past three years on the development, which will include a relocated and expanded city park. The project will utilize sustainable design and public parking with EV charging stations.

It’s set to total 160,000 square feet of residential space and 20,000 square feet of commercial space below the residential units, according to the project’s website. GPR is also considering building a rooftop deck with a pool.

“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,” said Dave Taxin, a partner with Meacham/Oppenheimer. “This continues to be a big thing in Silicon Valley.”

Efforts to revitalize Camino Real, which runs through 19 cities, are at a standstill after 15 years of planning. Joint Venture Silicon Valley aims to build new residential and commercial buildings along California’s oldest road, but has faced public opposition to the plans due to the heights of the buildings.

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