Toll Brothers acquired a 34-acre site in Fremont, Calif, across from the new Warm Springs BART station, reporting Silicon Valley Business Journal staffer Nathan Donato-Weinstein. The purchase is a step toward transforming the industrial neighborhood into a mixed-use urban hub.

The site is not far from the Tesla Motors plant and come with approvals for roughly 1,000 residential units, ranging from dense apartments to condo flats and townhomes. All told, it’s among the largest housing projects moving forward in Bay Area.

"It’s an extension of Silicon Valley, with Tesla across the tracks and obviously a brand new BART station,” said Todd Callahan, vice president of land acquisition for Toll Brothers in Northern California. “Fremont’s a great community. It has a diverse population, wonderful schools, and it’s uniquely located. For a long time, we’ve been trying to do business in Fremont, and this is perfect for Toll.”

Toll paid about $81 million, or roughly $2.4 million per acre, for the land that’s located between Warm Springs Boulevard and Interstate 680 at South Grimmer Boulevard. The buyer and the seller, a private partnership that includes San Jose-based Westwood Co., were represented by Erik Hallgrimson of Cushman & Wakefield.

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