Cupertino's Vallco Site Plans Thousands of Homes. How Many Can You Actually Buy, and When?

If 2,669 homes are coming to the old Vallco mall site, does it make sense for a Cupertino buyer to wait for them?

The City of Cupertino lists The Rise at 10123 N. Wolfe Road as an approved 50.1-acre mixed-use project from Sand Hill Property Company. The plan includes 2,669 homes, about 1.475 million square feet of office space and about 226,600 square feet of retail. That unit count shows up in almost every summary of the project. The order of construction gets far less attention, and the order decides who the project serves first. For someone shopping now, the for-sale homes sit at the back of the line.

The first building going up is affordable rentals

The developer's most recent dated update came on July 21, 2026. It said major infrastructure work for the Town Square West phase was substantially complete, with street paving set to start in August and the final map going before the City Council that day. It also said the project remained "on schedule to commence construction of the project's first residential building by the end of this year," and that "those first homes will all be affordable to lower-income households."

That building is the 232-unit affordable rental, which Sand Hill is developing with Eden Housing. Cupertino Today reported its first building-permit filings in February 2026. Half of those homes are planned as two- or three-bedroom units. The developer says three-quarters of the affordable homes will serve very-low-income households earning no more than 50% of area median income.

As of early October 2026, no public source dated after July confirms that vertical construction or a groundbreaking has happened. The City did approve a partial plan modification on August 24, 2026, for Blocks 1 and 2. The applicant was Black Pine, LLC c/o Hines Construction, covering two structures on about 4.5 acres near Stevens Creek Boulevard and North Wolfe Road. The approved plans show 235 and 258 residential units on those blocks but do not say whether they will be rented or sold. The approval letter also states that construction permits and final maps require separate applications. The approval changed the design. It did not start construction.

How 1,369 homes become 393 you can buy

Town Square West is the first vertical phase. Sand Hill announced its updated mix in November 2025:

1. 232 affordable rental homes
2. 744 market-rate rentals
3. 393 for-sale homes
4. About 202,000 square feet of retail, nearly 90% of the project's total retail
5. More than three acres of public parkland

The same announcement projected first occupancy "as soon as 2028." The 2025 revision also cut affordable homes project-wide from 890 to 356 and removed about 500,000 square feet of office space. San José Spotlight covered the affordable-housing reduction in detail in December 2025.

The public record does not yet describe the for-sale homes. The developer has shown renderings of for-sale townhomes. The City's project description includes 47 three-story townhomes along the western edge of the site. Across the whole project, unit types range from studios to four bedrooms. No official source has published prices, sizes, a sales start date or a sales partner for the ownership homes. What can be said is that they will be attached homes in a dense mixed-use district, not detached houses on lots.

Measured against a normal Cupertino year

The 393 figure means more next to how many Cupertino homes actually change hands. The Santa Clara County Association of Realtors year-end 2025 report counts 211 single-family closings and 105 condo and townhome closings in Cupertino.

The single-phase for-sale count is larger than a full year of citywide resales in 2025. Next to the attached segment alone, it equals about three and three-quarter years of condo and townhome closings at the 2025 pace. In a city that turns over only around a hundred attached homes a year, that much new inventory in one place would show up in the comparable sales appraisers and buyers rely on. It would not show up quickly. The release schedule is unknown, the first occupancy is projected for 2028 at the earliest, and the for-sale homes follow a first building that is entirely affordable rentals.

August 2026 shows which segment is already thinner

SCCAOR's August 2026 figures for Cupertino show two segments moving at different speeds.

Single-family homes still sold above asking on average in August and went under contract in under four weeks. Condos and townhomes took nearly twice as long and closed just under list. Dividing active inventory by August closings gives about 2.1 months for single-family homes and 3.0 months for attached homes. That is a rough ratio calculated from one month, not a published months-of-supply figure, and seven condo and townhome sales is a small sample.

Both segments were softer in August than their 2025 full-year numbers. Single-family homes had a $3,450,000 median and 108% of list in 2025. Condos and townhomes had a $1,300,000 median and 102% of list. The attached side slipped from above list to below it, and that is the side where The Rise's ownership homes would most likely compete.

For single-family buyers, Vallco does little for supply. The detached market will keep running on the roughly two hundred resales a year it had in 2025. For condo and townhome buyers, Vallco is a medium-term factor that matters more for what nearby resales sell for later than for anything available this year.

The rest of the pipeline, sorted by who can buy

Outside Vallco, Cupertino's housing projects are mostly affordable rentals, and their timelines vary.

• Westport, 21267 Stevens Creek Boulevard. Its 88 townhomes and rowhouses and 48 affordable senior apartments were occupied by April 2025, and move-ins began the year before. In May 2025 the City approved increasing Building 1 from 123 to 136 units. Those townhomes are now part of the resale stock and are counted in the figures above.
• 20883 Stevens Creek Boulevard, Harvest Properties. Approved in 2026 for 122 homes: 66 detached houses and 56 townhome-style units, 24 of them affordable. SF YIMBY reported in April 2026 that no construction timeline had been shared. This is the rare pipeline project that includes new detached houses.
• Mary Avenue Villas, Charities Housing. A 40-unit, fully affordable community. 19 of its 39 affordable apartments are reserved for households that include a person with an intellectual or developmental disability. The project's FAQ estimates construction will start in fall 2026 or spring 2027, depending on funding, and take about 15 months.
• Wolfe Road Teacher Housing, 10333 N. Wolfe Road. Eden Housing's proposal for 250 affordable rental homes for educators and other workers, across seven buildings. The City's project page still lists it as under review with no final action.

Taken together, nearly all of Cupertino's new for-sale supply is in two places: the 393 Town Square West homes and the Harvest site, and neither has a public sales timeline.

Signals that would change the timeline

• A dated announcement confirming the first residential building has broken ground, which the developer has targeted for the end of 2026
• Building-permit applications for Blocks 1 and 2, which the August approval left for later
• Ownership-specific details on The Rise's housing information list, which the April 2026 update linked to without giving prices or sales dates
• A construction timeline for Harvest Properties' detached homes on Stevens Creek Boulevard

Quick Answers

When could someone move into a for-sale home at The Rise? The developer has said first homes in Town Square West could be ready as soon as 2028. The first building is affordable rentals, so for-sale occupancy would come after that.

Will the for-sale homes be townhomes or condos? No official source has confirmed the format of all 393. The developer has shown townhome renderings, and the City's plans include 47 three-story townhomes.

Does The Rise add detached single-family homes? Nothing in the public plans describes detached houses at The Rise. The pipeline project with new detached houses is 20883 Stevens Creek Boulevard, with 66 approved.

If you're deciding whether to buy a Cupertino townhome now or wait to see what Town Square West delivers, Alexander Kalla can go through the current attached-home comps with you, explain how a 393-home release could affect them, and keep track of the project milestones for you. Let's Connect.