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.