19925 Stevens Creek Townhomes: 92 For-Sale Homes Proposed in Cupertino
A new housing proposal at 19925 Stevens Creek Boulevard could add 92 for-sale townhomes to Cupertino’s limited new-construction ownership inventory.
The project, known in City of Cupertino records as Dividend Homes III, is proposed by Dividend Homes on an approximately 4.5-acre site between Portal Avenue and Blaney Avenue. In addition to the 92 market-rate townhomes, the current plan includes 17 rental apartments, including 16 affordable apartments and one manager’s unit, approximately 1,500 square feet of retail space, common open space and structured project parking.
As of August 16, 2026, the City of Cupertino lists the formal application as In Review. The townhomes have not yet received final approval, are not currently being offered for sale, and no pricing or sales-release date has been announced.
This page will track 19925 Stevens Creek Boulevard as the proposal moves through City review and, if approved, toward construction and eventual home sales. For a broader look at housing and development throughout the city, visit my Cupertino real estate guide and 95014 Real Estate & Development Guide.
Project: 19925 Stevens Creek / Dividend Homes III
Location: 19925 Stevens Creek Boulevard, Cupertino, California
Developer: Dividend Homes
Architect: Dahlin Group
Current status: Formal application submitted; In Review
For-sale housing: 92 market-rate townhomes
Rental housing: 17 apartments, including 16 affordable units and one manager’s unit
Retail: Approximately 1,500 square feet
Common open space: Approximately 10,000 square feet
Parking: 221 spaces
Site size: Approximately 4.5 acres
Where Is the 19925 Stevens Creek Development?
The project is proposed at 19925 Stevens Creek Boulevard, on a mid-block property between Portal Avenue and Blaney Avenue in central Cupertino.
The site currently contains a two-story office building. Under the current proposal, that office use would be replaced with a mixed-use residential development containing townhomes, apartments and a small amount of retail space.
The location places future residents directly along the Stevens Creek Boulevard corridor, with access to shopping, restaurants, services and central Cupertino destinations. It is also relatively close to existing housing around Portal Avenue, Main Street Cupertino and City Center.
Buyers interested in the surrounding area can compare established housing options in my Homes Near Main Street Cupertino guide and City Center Cupertino real estate guide.
How Many Homes Are Proposed at 19925 Stevens Creek?
The current proposal includes 109 residential units in total.
- 92 market-rate for-sale townhomes
- 16 affordable rental apartments
- 1 manager’s rental apartment
The 92 townhomes are the most important part of this project for future Cupertino home buyers because they are proposed as ownership housing rather than rental apartments.
That distinction separates 19925 Stevens Creek from several other large Cupertino proposals that consist primarily or entirely of rental housing.
Will the 92 Townhomes Be For Sale?
Yes. The City’s current project description specifically identifies the 92 townhomes as market-rate for-sale townhomes.
However, the development remains under City review. The homes are not currently for sale, and there are no published asking prices, floor plans for individual sales, reservation procedures or release dates.
Buyers should be cautious about treating preliminary project plans as a finished product. Unit sizes, designs, amenities, phasing and timing may change before homes are ultimately offered to the public.
I will update this page as the City and developer release information that is relevant to prospective buyers.
What Is Dividend Homes III?
Dividend Homes III is the City of Cupertino’s project name for the proposed development at 19925 Stevens Creek Boulevard.
The “III” designation is useful because Dividend Homes has multiple housing projects along the Stevens Creek Boulevard corridor. They are separate development sites and should not be confused with one another.
For 19925 Stevens Creek Boulevard, the current plan is a mixed-use project centered on 92 for-sale townhomes, with a smaller affordable rental component and neighborhood-serving retail space.
What Affordable Housing Is Included?
The project proposes 17 rental apartments in addition to the 92 for-sale townhomes.
Of those 17 apartments, 16 are designated as affordable housing and one is identified as a manager’s unit in the City’s project description.
The affordable apartments are therefore separate from the 92 market-rate ownership units. Buyers researching this development should not interpret the 109-unit total as 109 future townhomes for sale.
How Much Retail Is Proposed?
The current proposal includes approximately 1,500 square feet of retail space.
This is relatively small compared with the residential component, so 19925 Stevens Creek should primarily be viewed as a housing project rather than a major new shopping destination.
Still, retaining some ground-level commercial space is relevant along Stevens Creek Boulevard as Cupertino continues adding housing to areas historically dominated by offices and other commercial uses.
How Much Open Space and Parking Are Planned?
The project description calls for approximately 10,000 square feet of common open space for residents.
The current proposal also includes 221 parking spaces serving the residential and commercial components.
Detailed site plans and circulation patterns may be refined during City review, so prospective buyers should evaluate the final approved plans rather than relying solely on early project materials.
What Is the Current Approval Status?
The City lists the project's SB 330 vesting date as June 26, 2025. A formal development application was submitted on July 2, 2025.
As of August 16, 2026, the application remains under review.
The City identifies the required applications as including Architectural and Site Approval, a Tentative Map, a Use Permit and a Tree Removal Permit.
“In Review” does not mean the project has received final approval. Plans may still be evaluated or revised before the development can proceed.
When Will the 19925 Stevens Creek Townhomes Be Available?
There is currently no announced sales date for the 92 townhomes.
There is also no published final pricing, construction start date or completion date.
The next meaningful milestones will come from the City review process. If the project receives the necessary approvals, subsequent milestones would include construction planning, site work, vertical construction and eventually sales and occupancy.
This page will be updated as those milestones become public.
Why the 92 For-Sale Homes Matter for Cupertino Buyers
Cupertino has a large inventory of established single-family homes, condominiums and townhomes but comparatively few opportunities to buy newly constructed ownership housing at significant scale.
A project adding 92 new market-rate townhomes is therefore more directly relevant to buyers than a comparably sized apartment development.
The homes could eventually appeal to buyers who want newer construction and a central Cupertino location without purchasing a traditional detached single-family house. Their actual buyer appeal will depend on final floor plans, pricing, HOA structure, parking, outdoor space, construction quality and the eventual streetscape.
For current ownership options, buyers can start with the broader Cupertino homes for sale market rather than waiting for a project that has not yet been approved.
How Does 19925 Stevens Creek Compare With The Rise?
The 19925 Stevens Creek project and The Rise at Town Square West both add ownership housing to Cupertino, but they are very different developments.
The Rise is a much larger redevelopment of the former Vallco Mall property involving thousands of homes, substantial retail, public open space and multiple development phases.
19925 Stevens Creek is a smaller 4.5-acre infill development centered on 92 for-sale townhomes.
For buyers, that difference matters. The Rise is being developed as an entirely new mixed-use district, while the Dividend Homes III proposal would insert new townhome housing into an existing section of the Stevens Creek Boulevard corridor.
Buyers following Cupertino’s development pipeline should treat the two projects as separate future ownership opportunities rather than assuming all new construction in Cupertino is part of The Rise.
How Does This Fit Into the Stevens Creek Boulevard Housing Pipeline?
19925 Stevens Creek Boulevard is part of a broader shift occurring along the corridor as older office and commercial properties are proposed for residential redevelopment.
The City is reviewing or has considered several housing developments along Stevens Creek Boulevard, including multiple projects involving townhomes and other ownership housing.
That makes the corridor important to follow not simply because of one development, but because multiple projects could gradually increase the number of people living within walking distance of shops, restaurants and services along Stevens Creek Boulevard.
My 95014 Real Estate & Development Guide provides broader context on how housing projects, established neighborhoods, schools and major developments fit together across Cupertino.
What Could the Project Mean for Nearby Homeowners?
Nearby homeowners are likely to pay attention to the redevelopment because the site would change from a two-story office property to a substantially more residential use.
The practical effects will depend on the final approved design. Traffic circulation, building placement, landscaping, pedestrian access, construction activity and the relationship between the new project and surrounding properties will matter more than the raw unit count alone.
Longer term, additional ownership housing can also create another point of comparison for Cupertino sellers. Buyers deciding between a newly built townhome and an older condominium, townhome or smaller single-family home may evaluate price, HOA costs, condition, lot size and location differently.
There is not enough information today to make reliable claims about how this particular project will affect surrounding property values, and I would be skeptical of anyone making that prediction before the final project and eventual pricing are known.
What Should Future Buyers Watch?
If you are interested in eventually buying one of the 19925 Stevens Creek townhomes, these are the milestones I would watch most closely:
- Final City approval
- Changes to the proposed 92-townhome count
- Final site and architectural plans
- Townhome floor plans and square footage
- Garage and parking configuration
- Private versus common outdoor space
- HOA structure and estimated dues
- Construction start
- Developer sales launch
- Initial pricing
- Deposit and reservation requirements
- Expected completion and occupancy dates
Those details will determine whether the project becomes a compelling alternative to existing Cupertino townhomes and condominiums.
19925 Stevens Creek Development Timeline
- June 26, 2025: SB 330 vesting date listed by the City of Cupertino.
- July 2, 2025: Formal project application submitted.
- 2025–2026: City review of the proposed mixed-use housing project.
- August 16, 2026: Project remains listed as In Review.
- Future: City decisions, potential plan revisions and final entitlement milestones.
- Future sales: No townhome sales launch or pricing has been announced.
- Construction: No confirmed construction start date has been announced.
What Has Not Been Announced?
Although the City has released important information about the overall proposal, many of the details a future buyer will care about are not yet available.
- Final project approval
- Townhome sales prices
- Individual unit square footage
- Final floor plans
- HOA dues
- Sales or reservation date
- Construction start date
- Completion schedule
- Occupancy dates
Frequently Asked Questions About 19925 Stevens Creek
How many townhomes are proposed at 19925 Stevens Creek Boulevard?
The current Dividend Homes III proposal includes 92 market-rate for-sale townhomes. These are part of a 109-unit residential development that also includes 17 rental apartments. The project remains under City review, so the final approved unit count could change.
Will the 19925 Stevens Creek townhomes be for sale or for rent?
The 92 townhomes are specifically identified by the City of Cupertino as market-rate for-sale housing. The project's separate 17-unit apartment component is rental housing, including 16 affordable apartments and one manager's unit.
Are the 19925 Stevens Creek townhomes available to buy now?
No. As of August 16, 2026, the project remains under review and the townhomes are not being offered for sale. No official pricing, reservation process or sales-release date has been announced.
Where is Dividend Homes III located?
The proposed development is at 19925 Stevens Creek Boulevard in Cupertino, on approximately 4.5 acres between Portal Avenue and Blaney Avenue. The site currently contains a two-story office building that would be replaced by the proposed mixed-use development.
Has Cupertino approved the 19925 Stevens Creek project?
Not yet. The formal application was submitted July 2, 2025, and the City currently lists the project as In Review. Final approval and construction timing have not been announced.
When could the 19925 Stevens Creek townhomes go on sale?
No sales date has been announced. The project must first advance through the City review and approval process, followed by construction and a developer sales launch. This page will be updated when reliable sales information becomes available.
Official 19925 Stevens Creek Project Information
This development tracker is based primarily on official City of Cupertino project records. Readers can review the City's 19925 Stevens Creek / Dividend Homes III project page for applications, project materials and future City updates.
Follow the 19925 Stevens Creek Townhomes
I follow Cupertino housing and development projects from the perspective of buyers and homeowners, with particular attention to future for-sale inventory. If Dividend Homes III receives approval and moves toward construction, I will update this page with new plans, project milestones and sales information as it becomes available.
In the meantime, you can browse current Cupertino homes for sale, compare the broader 95014 housing and development market, or follow The Rise and Town Square West for another major source of future ownership housing in Cupertino.
Last updated: August 16, 2026. Project details can change during the City review process. Verify current plans and approvals with the City of Cupertino before relying on preliminary development information.