Lennar Homes of California and Kennedy Lewis Investment Management have bought a 9.5-acre office property approved for the development of 160 homes in San Ramon.
Affiliates of the California unit for the Miami-based developer and the New York-based investor purchased the site at 3401 Crow Canyon Road and 12943 Alcosta Boulevard, the San Jose Mercury News reported.
The seller of the two office buildings at Sunset Business Park was Nearon Enterprises, based in Walnut Creek.
Lennar has approval to build a 160-unit project at Crow Canyon Road and Alcosta Boulevard, called Iron Horse Village. It would raze both buildings, containing a respective 140,000 square feet and 76,000 square feet of offices.
Plans call for 160 homes, including 86 single-family homes and 31 attached live-work townhomes. Half of the detached homes will include junior accessory dwelling units, bringing the total number of potential homes to 160 homes, according to SFYimby. Parking will serve 376 cars.
Five units will be set aside as affordable housing, including a unit for a very low-income household, two for low-income households and and two moderate-income households.
Lennar plans to build what it calls Iron Horse Trail along a 40-mile greenway once occupied by the Southern Pacific Railroad.
Cars will enter the San Ramon development along Crow Canyon Road, with pedestrian ties to the adjacent Iron Horse Trail. A central paseo dubbed the Railway Spur will create a landscaped path from the trail to the middle of the site.
The project, designed by Newport Beach-based WHA, will feature white, gray, putty and slate blue homes in urban prairie, contemporary and modern farmhouse styles. Exteriors would come in a blend of stucco, fiber-cement-lap and board-and-batten siding.
A timeline for the project was not disclosed.
— Dana Bartholomew