After a marathon meeting last Tuesday, Walnut Creek’s City Council voted 4-1 to sign off on a plan to demolish the aging Walnut Creek Executive Park and replace it with 422 townhomes. The Mitchell Townhomes project includes 55 units reserved for low-income households and cleared its biggest local hurdle after more than five hours of public comment. Mayor Kevin Wilk cast the lone no vote, citing worries about traffic and the loss of business-zoned land.
Developer moves toward financing
Oakland-based Signature Development Group is now entering the financing phase after the council denied two appeals, according to reporting. The plan calls for tearing down roughly 11 office buildings, about 450,000 square feet in all, and replacing them with for-sale townhomes. The site was purchased in 2022 by California Capital & Investment Group for nearly $50 million. As reported by The Real Deal, company representatives say they are lining up debt and equity partners and could begin demolition next year.
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