Toll Brothers has purchased a Santa Clara shopping center with plans to convert the site into a housing development.
Acting through its Toll West Coast subsidiary, the company bought Bowers Plaza, located at 3155 El Camino Real in Santa Clara. The residential developer paid $16.5M for the retail complex from an undisclosed seller in an all-cash transaction, according to a report in the Mercury News.
According to plans Toll Brothers filed with Santa Clara County, the company is planning to build 60 residences on the 2.4-acre site, including 40 townhomes and 20 flats in a campus consisting of eight buildings that will be two-story or three-story structures.
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