SAN RAMON — A top-notch real estate firm has bought a San Ramon site where the company intends to develop several hundred apartments and create a new neighborhood at Bishop Ranch.
AvalonBay Communities, acting through an affiliate, has paid $30.5 million near the corner of Bollinger Canyon Road and Camino Ramon, according to documents filed on Dec. 1 with the Contra Costa County Recorder’s Office. AvalonBay bought the empty land site through an all-cash deal.
The real estate company intends to build 456 apartments on the 5.7-acre site, according to AvalonBay.
The housing development is another vital component of the emerging vision of Bishop Ranch as San Ramon’s urban core, a lively hub of office buildings, homes, shops, restaurants, entertainment centers, lodging sites and open spaces that has become a Bay Area destination community.
“We are trying to build a series of neighborhoods here at Bishop Ranch,” Alex Mehran Jr., president of Sunset Development, said in an interview with this news organization. Sunset Development is the creator and principal owner of Bishop Ranch.
Development of the two-building residential hub, which will be known as Avalon San Ramon, is slated to begin before the end of this year. One building will be seven stories, and the other will be five stories. A breezeway will connect the buildings.
“AvalonBay is a prolific and great company,” Mehran Jr. said. “It is awesome to see AvalonBay connect with Bishop Ranch for this.” AvalonBay is one of the nation’s largest owners of apartment properties.
Residents will be able to start moving into the apartments sometime in 2027, AvalonBay estimated.
“We’re thrilled to close on this site and continue AvalonBay’s long-term commitment to the Bay Area,” said Joe Kirchofer, senior vice president of development for AvalonBay. “At Bishop Ranch, Sunset Development has created the kind of vibrant, walkable, mixed-use community that our residents love.”
Bishop Ranch was born in 1978, when Sunset Development bought the 585 acres that became the site of the business park. The park was initially known as an office hub for a roster of companies that read like a who’s who of Corporate America.
AT&T, Chevron, Bank of the West, PG&E, Robert Half International, Ford Motor Co., SAP and General Electric were among the companies that have owned or leased office sites at Bishop Ranch. Some of these continue to occupy sites at Bishop Ranch.
In recent years, however, Sunset Development crafted a new plan for Bishop Ranch by adding the destination City Center Bishop Ranch retail, restaurant, entertainment and nightlife hub. Home to one hotel already, Bishop Ranch is slated to add a boutique hotel as part of the fast-evolving vision for the mixed-use community.
In a further evolution, Sunset embarked on a plan to produce 8,000 homes at Bishop Ranch. The series of residential ventures will enable 25,000 to 30,000 people to live within Bishop Ranch, creating a place where people can live, work, play and shop.
The business park also contains a major medical hub that’s anchored by John Muir Health.
AvalonBay’s new apartment community will feature amenities such as a fitness center, pool, work lounge, clubhouse, rooftop deck and a WAG Pet Spa.
“We’re proud to provide new thoughtfully designed homes to help complete their vision for this neighborhood,” said Kirchofer, the AvalonBay executive.
Mehran Jr. anticipates that Bishop Ranch will continue to evolve in a significant way as more homes are added to the mix.
“We are trying to be downtown San Ramon,” Mehran Jr. said.