PALO ALTO — A homebuilder has bought a portion of the former Fry’s Electronics site in Palo Alto, a deal that could smooth the way for the development of dozens of townhouses on the property.
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Dividend Homes, through an affiliate, has paid $67.7 million for a site at 3200 Park Blvd. where the housing would be built, documents filed on Sept. 11 at the Santa Clara County Recorder’s Office show.
The residential developer wants to build 74 townhomes on the property, which totals 3.9 acres, according to public records posted with the Palo Alto Planning Department.
The Sobrato Organization sold the housing development site to Dividend Homes, the county real estate files show. The overall Fry’s property — including the housing parcel that just sold — totals 14.7 acres.
“The project includes modifications to, including partial demolition of, the former Fry’s building,” Palo Alto planners stated in a post related to the proposed housing development.
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The townhomes would be built in 16 separate buildings along Park Boulevard between Olive Avenue and Matadero Creek, Palo Alto files show. A timeline for the development of the housing wasn’t immediately known.
The overall Fry’s site totals 14.7 acres. Its addresses include 200 through 404 Portage Ave, 3040 through 3250 Park Blvd, 3201 through 3225 Ash St, and 278 Lambert Ave., according to city documents.
While a portion of the old electronics store would be bulldozed, the project would retain 140,100 square feet of existing research and development space and 4,700 square feet of office space to remain on at the site, city planning files show.
Separately, a startup known as Dynatomics that is backed by Google co-founder Larry Page has struck a deal to lease 75,000 square feet within the existing structure of the old Fry’s store.
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