405 Alberto Way is a transformative mixed-use development project in the highly desirable town of Los Gatos, California. The project is centrally located with convenient access to North Santa Cruz Avenue (0.6 miles from the project). Due to limited sites for multifamily projects, the submarket has a shortage of housing and boasts a median home sales price of $2.64M. The Town has recently made zoning ordinance changes to the General Plan. The Housing Element Overlay Zone (HEOZ) allows for higher density development of a minimum of 30 dwelling units per acre (du/ac) and a maximum of 40 for this site. The HEOZ is intended to increase the supply and the mix of housing types, tenure, and affordability within the Town of Los Gatos. Originally designed as two 4-story buildings totaling 52 for-sale condo units as shown in the current plan set, the Project is being re-designed as two 6-story buildings totaling 78 units with an on-grade podium (65 market rate and 13 affordable at 120% AMI at 30 du/ac with a 20% affordable housing concept). Once the project is resubmitted, the Town will review and likely approve the SB 330 submission within 30 days to fast track the application. Over the last year, the Town has already made numerous revisions to the prior plans, and much of the Public Works and Engineering Department comments already made will have been fully vetted and included in the new submittal. The expectation is it will take one neighborhood meeting in the Fall, and likely a Planning Commission and Town Council meeting to approve the project in late 2024 with the goal is to be “in the ground” by late spring of 2025.