Plans for an 'Urban Town' in the Silicon Valley
As the technology sector has grown in Silicon Valley, housing demand in the area has skyrocketed. A new SummerHill Homes development project called Nuevo is billing itself as an "urban town" and will include 331 homes and 537 rental apartments in Sunnyvale, a few blocks from a rail station.
The homes will sell for $1.2 million to $2 million, reports George Avalos. Parks and gardens, a community center, and restaurant and retail space are also planned for the development. The first homes should be completed and ready for residents later this year.
Close proximity to the Caltrain station is considered a major amenity as people seek easy access to regional job centers. "Through a combination of property purchases, leases, or both, tech behemoths such as Google, Apple, Facebook and Amazon have launched an expansion boom that’s the greatest in memory. That growth surge has, in turn, increased demand for homes near the Bay Area’s employment hubs," says Avalos.