SAN RAMON — A homebuilding titan has paid well over $50 million to buy a big San Ramon office building that would be replaced by more than 100 homes in the Bishop Ranch neighborhood.
KB Home has paid $57.8 million to purchase the Bishop Ranch 7 office building at the corner of Camino Ramon and Executive Parkway in San Ramon, according to documents filed on March 4 with the Contra Costa County Recorder’s Office.
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.
KB Home South Bay bought the office building through an all-cash deal, the county records show.
The three-story building that KB Home bought totals 276,000 square feet, according to a report on file with San Ramon city planners.
KB Home intends to develop a housing project called Bartlett, which would consist of 190 new homes at 2527 Camino Ramon, city planning documents show.
“Bartlett is designed as a walkable neighborhood in the northern portion of Bishop Ranch,” according to the development proposal.
The KB Home proposed project would sprout next to the emerging City Village development that Summer Homes is building.
The housing development is part of the efforts to dramatically transform Bishop Ranch from its original status as virtually only a big office park with a neighborhood retail center and a hotel.
“Bishop Ranch is evolving into a vibrant, walkable, mixed-use district combining residential, commercial and office uses,” the San Ramon planning documents show. “Over the next 20 years, Bishop Ranch’s residential plan is to set the standard for creating a walkable downtown in a suburban market.”