Silicon Valley Business Journal
From the article:
For decades, Los Gatos' "North 40" — the town's largest chunk of undeveloped land — has beckoned developers because of its location on two major highways and proximity to the town's affluent shoppers.
Now, after years of debate, a town planning process that would allow redevelopment of the area (which is actually 44 acres) is slowly approaching the finish line.
One developer with a lot on the line is Grosvenor Americas, which went into contract with the area's largest landowner, the Yuki family, in 2010. The company, a unit of the huge London-based real estate firm Grosvenor Group, in April turned in a project proposal in partnership with two local developers — market-rate residential builder SummerHill Homes and the affordable developer Eden Housing.
With 331 housing units and about 60,000 square feet of retail, the Grosvenor project isn't huge by Silicon Valley standards. But it's significant in Los Gatos, where even minor developments generate debate among residents keen on preserving Los Gatos' small-town character.