The Cupertino Courier

News

Measurex property sold, will remain office space

By Hugh Biggar

An industrial park formerly considered for a residential development has been purchased for $62 million by a real estate investment firm.

The 22-acre site at Bubb Road and Results Way, informally known as the Measurex property, is to remain an office park, said the new owners, Embarcadero Capital Partners.

"It's not going to be residential; it's not what the community wants," said Embarcadero Capital's John Hamilton.

Taylor Woodrow Homes, an international developer, had hoped to rezone the property and build a residential complex of 94 homes on part the property. Most of the homes were to be sold at the market rate of about $1 million.

Last March, the Cupertino City Council decided not to proceed with the project, due in part to intense neighborhood opposition. Neighbors' objections included loss of industrial space, overcrowded schools and increased traffic, particularly during peak school hours.

The council split 2-2 in voting on the project, with then-Mayor Richard Lowenthal recusing himself. At the time, Lowenthal, a resident of the nearby neighborhood, said that as a neighbor and parent of school-age children, he had a conflict of interest.

The deadlocked vote effectively killed Taylor Woodrow's plans.

Lowenthal, now a city councilman, said even with Embarcadero Capital's new plans, the community's housing issue has not disappeared.

"The irony in all this is if they create more jobs, the state tells us we have to build more housing, which residents say they don't want," Lowenthal said.

Formerly, the Results Way property had been a research and development facility for Honeywell Measurex. Hamilton said that history added to the appeal of the property.

"It's a great location at 280 and 85, and already has a campus-like environment," Hamilton said, while noting the buildings would have to refurbished. "Some the buildings are less than class B office space," he said.

Lowenthal said he was surprised by the plans to renovate the buildings.

"I like the investment in Cupertino, but I have toured those buildings and they are dilapidated and built for manufacturing with low ceilings," Lowenthal said. "I'd prefer they demolish them and start over with a new project, but it's better than what's there now."

Hamilton said the company hopes to move forward with plans for the property by the end of 2007.