Silicon Valley Business Journal
From the article:
Integral Communities has opted to sell its 26-acre land assemblage in Milpitas, one of the largest transit-adjacent, residential-development projects in the South Bay, a company executive confirmed Monday.
"We're putting it on the market because the market's good," C. Evan Knapp, a principal with the Newport Beach-based company, told me.
If fully maxed out, the entire development could include up to 2,700 residential units spitting distance from a new BART station, Knapp said. That's about the size of North Park, Irvine Company's enormous apartment community in North San Jose.
The move comes after Integral sought to make changes to a portion of the project that the developer said were necessary, including adjustments to product type and the location of retail. But city officials resisted on the grounds that such changes ran against the city's transit-area plan. Integral said in December it was evaluating what to do with the development, including a sale.
"We tried to entitle with something we felt was equally good. That was well documented," Knapp said. "We're still satisfied with the real estate. It's a good time to sell it under the density that is described in the plans."