A significant real estate transaction in Saratoga has moved forward, paving the way for a new residential development on land that has been used for viticulture for approximately a century. Essential Housing Asset Management, a land-banking entity associated with TPG Angelo Gordon, acquired about 12.1 acres of property for roughly $109.7 million. County records indicate the sale was finalized on July 1, with the seller identified as a group controlled by developer Thomas J. Wilson.
The acquisition enables a revised housing proposal that includes 64 total units. The plan consists of 52 two-story single-family homes intended for sale, along with 12 accessory dwelling units (ADUs). According to a California Environmental Quality Act (CEQA) filing, the affordability structure for the ADUs is split evenly: six units will be deed-restricted for very-low-income households, and the remaining six will be restricted for moderate-income households.
The development site is located near the southwest intersection of Allendale and Chester avenues, identified in CEQA records as APN 397-01-071 at 14001 Chester Ave. This area is described as one of Saratoga’s more expensive neighborhoods, where the new construction will replace a quiet block previously defined by open land and grapevines.
The project, known as Vineyard One Residential Project (CPX25-0004), is the result of a negotiated agreement between the developer and the city. Under a memorandum of understanding, the developer agreed to withdraw a larger 231-unit Builder’s Remedy application in exchange for city approval of this smaller subdivision map. The Saratoga City Council approved the final map for the development on May 6, triggering the withdrawal of the larger proposal as stipulated in the agreement.