Barry Swenson Builder is restoring the 19th century neighborhoodthat contains nine structures, three of which it has already leasedfor office space at $2.50 a month per sf. In all, the builder willhave more than 25,000-sf to lease. The city hopes that thecompleted project – which should be done in two years – willinclude coffee shops, in-line skate rental stores and otherbusinesses that would be attractive to park visitors.

In September, the City Council expanded the historic district toinclude eight more homes, including seven owned by a partnershiprepresented by Los Altos investor Murlin Vellequette. Vellequetteobjected to the plan, saying he wanted to build office space on thesites. Saying the limited partnership – comprised of 94 people whohad been waiting a decade to either build on the site or for thecity to buy them out - did not have the necessary capital torenovate the homes, Vellequette offered to sell the properties tothe city for $3.7 million.