Vallco Project Update - Second Modification to the Rise Development Approved
Please note minor correction in this update - the correct square footage for retail component of this project is 226,000.
The City has approved the second modification to the Rise Development pursuant to streamlined, ministerial processes allowed under state law for projects that include a specified percentage of affordable housing units. Formerly the Vallco Town Center Development, the Rise is a mixed-use housing development with 2,669 units, of which 890 units are affordable to lower income households. The modified project includes 47 townhomes, which were not contemplated in the previously approved project. The project also includes approximately 1.95 million square foot of office space, 226,000 square foot of retail space and at grade open space areas. The approval documents and approved plans are available online at Cupertino.gov/vallcosb35.
The modification application was received by the City on December 5, 2023. The City had until February 5, 2024 to make a decision on the project pursuant to Government Code Section 65913.4. However, to allow additional coordination between the applicant, the City and responsible agencies, the applicant agreed to extend the review timeline until February 16, 2024. The project successfully utilizes provisions of state law which allow multi-family housing developments which provide specified percentages of affordable housing, streamlined, ministerial review (no public hearings related to project approval), a density bonus (additional market rate housing units), incentives/concessions (relief from standards which allow the development to reduce development costs), waivers (relief from development standards) and disallow the imposition of any parking standards by local jurisdictions.
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