SAN RAMON — A Florida real estate firm has bought a San Ramon office hub in a deal that advances plans to reimagine the Bishop Ranch office complex as a lively mixed-use neighborhood.
Millrose Properties, acting through an affiliate, paid $50 million to buy a three-building office complex in San Ramon, according to documents filed on April 9 with the Contra Costa County Recorder’s Office.
199-unit residential project at 2301 Camino Ramon in the Bishop Ranch neighborhood of San Ramon, site plan. (Von Dorn Abed Landscape Architects)
The deal is one of an array of endeavors that together are poised to produce a wide-ranging transformation of Bishop Ranch into a neighborhood of homes, shops, restaurants, office buildings, entertainment hubs, hotel facilities, and open spaces.
On March 4, KB Homes completed a deal to pay $57.8 million for a trio of office buildings at 2527 Camino Ramon, where KB intends to build 190 residences, county documents show.
2301 Camino Ramon, an office complex within the Bishop Ranch mixed-use neighborhood in San Ramon, is shown within the outline. Boundaries are approximate. A portion of the Iron Horse Trail is visible to the right. (Google Maps)
As for the early April property deal, Trumark Homes is planning to develop 195 residences on an 11.1-acre site at 2301 Camino Ramon, documents on file with San Ramon city planners show.
Florida-based Millrose Properties is a real estate firm that provides homebuilders such as Trumark Homes with a reliable flow of capital to bolster their efforts to develop residential projects.
Trumark Homes intends to develop 128 attached townhomes and 67 single-family residences at the office hub site, which is Bishop Ranch 11.
The property deal is the latest key milestone in the ongoing efforts to add thousands of residential units to the Bishop Ranch neighborhood, a mixed-use office, housing, restaurant, retail, entertainment and hotel complex near the interchange of Interstate 680 and Bollinger Canyon Road.
These efforts are intended to dramatically transform Bishop Ranch from its original status as an office park. The first residential development added about 130 home sales in deals that have brought hundreds of people.
As many as 8,000 homes could be built at Bishop Ranch as the transformation of the business hub plays out, according to Sunset Development.
One of the more striking examples of the transformation of Bishop Ranch occurred when Chevron agreed to sell its vast headquarters campus to Sunset Development. An affiliate paid $174.5 million to buy the 92-acre property.
The changes are poised to be dramatic enough that once the housing is complete, Bishop Ranch could accommodate 25,000 to 30,000 residents within its boundaries, according to estimates provided by Sunset Development.
“Bishop Ranch is evolving into a vibrant, walkable, mixed-use district combining residential, commercial and office uses,” San Ramon planning documents show.
This evolution could be the work of decades.
“Over the next 20 years, Bishop Ranch’s residential plan is to set the standard for creating a walkable downtown in a suburban market,” accoridng to city planning files.
