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Core Companies proposes 44 for‑sale townhomes for remaining Agrihood parcel in Santa Clara
Summary
Core Companies is seeking city approval to replace a previously approved 160‑unit apartment parcel at the Agrihood site with 44 for‑sale townhomes, including six below‑market‑rate units; developers said financing and rising costs make the apartment plan infeasible and they expect Planning Commission hearings in early 2026.
Core Companies on Thursday presented a revised plan for the remaining 1.7‑acre parcel at the Agrihood development off Winchester Boulevard in Santa Clara, proposing 44 for‑sale townhomes in place of a 2019 approval for about 160 rental apartments.
Jim Sullivan, representing Core, said the company submitted the revised plan in June and that higher interest rates, pandemic disruptions and rising construction costs have made the originally approved apartment project financially infeasible. "We decided that we would look at amending what was originally approved to change the 160 apartment units to 44 for‑sale townhomes," Sullivan said.
Under the proposal, the developer would build five smaller buildings with lower heights and reduced site coverage compared with the previously approved multi‑story apartment building. Sullivan said the townhome plan reduces building coverage from roughly 59% to about 38% and would deliver units to market faster; he estimated first sales could begin as early as spring 2027 if approvals and permits proceed on schedule.
Affordability and unit mix: the application calls for six below‑market‑rate (BMR) for‑sale units (about 15% of the 44 homes), which Sullivan said would be deed‑restricted for roughly 55 years and administered by the city housing department. Sullivan noted that the BMR allocation differs from the prior apartment approval, which included a different rental affordability mix.
Price and features: Sullivan estimated market‑rate townhomes would likely sell in the low‑ to mid‑$1 million range, with BMR units roughly $600,000–$700,000. He said all market units would be all‑electric (no gas) and built with energy‑ and water‑saving fixtures to meet city and state requirements.
Timeline and approvals: Core expects the revised plan to go to the Santa Clara Planning Commission and City Council in early 2026, after further design documentation and permit submissions. "We're hopeful that we can get to planning commission and city council hearings in early 2026," Sullivan said. If approved, he said building permits and construction could follow within the year, with townhome construction taking substantially less time than a multi‑story apartment complex.
Developer rationale: Core representatives, including Vince Cantore and co‑owner Chris Veil, emphasized that the change is driven by financing realities rather than a change in long‑term goals. "High density multifamily is just not penciling in the valley right now," Cantore said, pointing to the lack of qualifying census tract designations and committed Measure A funds that limit eligibility for some affordable financing programs.
Next steps: The proposal remains an application until the Planning Commission and City Council act. Core representatives said they will continue community outreach, provide requested clarifying details to neighborhood associations and return to additional community sessions before formal hearings.
