RARE SILICON VALLEY OFFERING 70 Encina Avenue represents the rare opportunity to obtain a fully approved and entitled development site in the heart of thriving Silicon Valley. Situated on a 0.278-acre site within the highly sought after city of Palo Alto, the subject offers the opportunity to develop an attached residential housing project in an unrivaled location. The property is adjacent to Town & Country Village, across the street from Stanford University, and a short distance from top high-tech employers, a vibrant downtown shopping district, and numerous recreation opportunities. COMPELLING REDEVELOPMENT OPPORTUNITY The subject is approved for redevelopment with 10 townhouse-style residential condominiums contained in a three-story structure with at-grade parking. Floor plans include two-bedroom and three-bedroom residences. Eight of the units will be offered at market rate, with two units designated for below market rate buyers. The project is designed with private garages and direct access to all units, making it highly attractive to prospective homeowners.   NEARBY AMENITIES The site is adjacent to Town & Country Village, a neighborhood shopping center anchored by Trader Joe’s and CVS with dozens of restaurants, shops, and personal service providers. Downtown Palo Alto is about a half mile from the property and is a popular shopping and entertainment destination. Finally, Stanford Shopping Center is a quick five-minute drive from the property. This regional outdoor shopping center is one of the most successful retail developments in Northern California and features boutiques, luxury retailers, department stores, and restaurants.   TRANSIT-ORIENTED SITE WITH GOOD ACCESS The property benefits from both walkability and convenient access from major roadways. 70 Encina Avenue is less than ten minute’s walking distance to the Palo Alto Caltrain station, providing commuter rail access to San Francisco, the Peninsula, and Silicon Valley. The site is near the intersection of two major traffic carriers in Palo Alto and is about one-half mile from an interchange with US Highway 101, providing excellent regional access.   EXCEPTIONAL DEMOGRAPHICS Palo Alto has an estimated median household income of $205,784, which is nearly triple the national median household income of $74,755. Additionally, the city has a highly educated workforce; more than 80% of the labor force has a bachelor’s or graduate degree. Despite the high household income, housing affordability remains a challenge in Palo Alto, making attached residential units an attractive option for first-time homebuyers and empty nesters looking to downsize.   EXCELLENT PUBLIC SCHOOLS Palo Alto is known for having exceptional public schools, which is one of the primary demand drivers for housing. Palo Alto Unified School District operates all public schools in the city. The property’s assigned elementary, middle, and high schools all boast A+ ratings from Niche.com, which ranked Palo Alto Unified School District as the best school district in the State of California. Palo Alto High School is less than five minutes’ walking distance from the property, Addison Elementary is less than one mile away, and Greene Middle School is about two miles from the site.