20045 & 20065 Stevens Creek Boulevard Cupertino: 32 New Townhomes

A new 32-townhome development has been approved at 20045 and 20065 Stevens Creek Boulevard in Cupertino. The Dividend Homes project will replace three existing office buildings with six three-story residential buildings containing 26 market-rate townhomes and 6 below-market-rate homes. The approximately 1.8-acre property is located along Stevens Creek Boulevard between Randy Lane and Blaney Avenue.

The project is one of several housing developments moving forward along the Stevens Creek Boulevard corridor and adds another residential project to central Cupertino beyond the much larger redevelopment of the former Vallco Mall property. For buyers following new construction in Cupertino, the project is particularly notable because it combines market-rate ownership housing with six moderate-income affordable homes.

Bruce Wagg is a licensed Bay Area real estate agent (DRE #01760054) representing buyers and sellers in Cupertino and throughout the South Bay. Call or text (669) 202-7777.

20045 & 20065 Stevens Creek Boulevard Project at a Glance

  • Location: 20045 and 20065 Stevens Creek Boulevard, Cupertino, CA 95014
  • Developer/Applicant: Dividend Homes
  • Architect: Dahlin Group
  • Total homes: 32 townhomes
  • Market-rate homes: 26
  • Affordable homes: 6 median/moderate-income BMR townhomes
  • Buildings: Six three-story residential buildings
  • Site: Approximately 1.8 acres
  • Density: Approximately 18 homes per acre
  • Previous use: Three office buildings
  • Planning Commission: Approved 5-0
  • City Council: Approved 4-0-1
  • City Council hearing: January 21, 2026

The City of Cupertino currently lists the project among its recently approved major developments. Buyers should distinguish project approval from later construction milestones: approval does not by itself mean that construction has started or that homes are available for purchase.

What Is Being Built at 20045 and 20065 Stevens Creek Boulevard?

Dividend Homes plans to replace the existing office buildings at 20045 and 20065 Stevens Creek Boulevard with 32 townhomes in six three-story buildings. According to the project's formal application, 26 homes will be market-rate and six will be designated as median/moderate-income homes under Cupertino's Below Market Rate housing requirements.

The development occupies approximately 1.8 acres along Stevens Creek Boulevard between Randy Lane and Blaney Avenue. The project represents another step in the gradual transition of portions of the Stevens Creek Boulevard corridor from older commercial and office properties to mixed residential and commercial uses.

Six Affordable BMR Townhomes Are Included

Of the 32 homes, six are planned as Below Market Rate homes for median/moderate-income households. That represents 18.75 percent of the project's residential units.

The inclusion of these homes helped the project qualify for provisions of California Density Bonus Law. The applicant requested certain waivers and incentives involving development standards such as setbacks, common open space, and retail requirements.

Buyers interested in one of the six affordable homes should not assume that an application or waiting list is currently open. Eligibility requirements, pricing, application procedures, resale restrictions, and the eventual sales process should be confirmed through official City of Cupertino housing information when those details become available.

The Project Has Been Approved by Cupertino

The project moved through Cupertino's planning process during 2025 and early 2026. An SB 330 preliminary application was submitted in February 2025, followed by the formal development application.

The Cupertino Planning Commission subsequently approved the project by a 5-0 vote. The Cupertino City Council considered the project on January 21, 2026 and approved it by a 4-0-1 vote, with one councilmember absent.

The approvals included the project's Development Permit, Use Permit, Architectural and Site Approval Permit, Tentative Final Map, and Tree Removal Permit.

Because these land-use approvals are different from building permits and construction activity, buyers should not interpret City Council approval as confirmation that vertical construction has begun. Construction schedules, sales timing, pricing, floor plans, HOA information, and completion dates can develop separately as the project advances.

Dividend Homes Is Building Multiple Projects Along Stevens Creek Boulevard

The 20045 and 20065 Stevens Creek Boulevard project is part of a larger series of Dividend Homes projects in this section of Cupertino.

In its application materials, Dividend refers to the 32-home development as Stevens Creek Phase 2. The company's nearby development at 20085 and 20111 Stevens Creek Boulevard is identified as Stevens Creek Phase 1 and consists of a separately approved 57-townhome project.

Dividend also has another project under review at 19925 Stevens Creek Boulevard. That proposal is substantially different: current City information describes a mixed-use development with 92 market-rate for-sale townhomes, 17 rental apartments, including 16 affordable units and one manager's unit, and approximately 1,500 square feet of retail space.

These are separate projects with separate applications, approvals, development schedules, and housing programs. Buyers following new construction along Stevens Creek Boulevard should not assume that pricing, floor plans, sales schedules, or affordable-housing requirements will be the same from one project to another.

A Growing Residential Corridor Along Stevens Creek Boulevard

The Dividend Homes projects are part of a broader pattern of residential development along Stevens Creek Boulevard. Older office, retail, and commercial properties are increasingly being considered for housing as Cupertino implements its housing plans and developers respond to state and local housing requirements.

This makes Stevens Creek Boulevard increasingly important for buyers researching future Cupertino townhomes and new construction. Rather than a single large redevelopment, the corridor includes multiple independent projects at different stages of approval, permitting, and development.

For a broader look at the Cupertino housing market, neighborhoods, schools, development activity, and current homes for sale, visit the Cupertino Real Estate Guide.

How Does This Compare With The Rise at the Former Vallco Mall?

The 32-home Dividend project is much smaller than The Rise, the redevelopment of the former Vallco Mall property. The current overall Rise plan includes 2,669 homes along with office, retail, open space, and other mixed-use components.

Town Square West, the first major phase within The Rise, is planned for 1,369 homes, including 393 for-sale homes, 744 market-rate rental homes, and 232 affordable rental homes.

The projects serve different development roles. The Rise is a large mixed-use redevelopment planned across the former mall property, while 20045 and 20065 Stevens Creek Boulevard is a comparatively small 32-townhome infill project replacing existing office buildings.

Buyers following the former Vallco redevelopment can read the complete guide to The Rise and Town Square West and follow The Rise Cupertino Live Updates for continuing project developments.

How Does the Project Fit With Main Street Cupertino?

The project is located along Stevens Creek Boulevard west of the Main Street Cupertino area. Main Street has developed into one of Cupertino's more concentrated mixed-use destinations, with restaurants, retail, entertainment, fitness businesses, residential uses, and gathering spaces near Stevens Creek Boulevard and Tantau Avenue.

As additional housing projects move forward along Stevens Creek Boulevard, buyers may increasingly compare proximity to Main Street, Apple Park, Interstate 280, schools, shopping, and employment centers when evaluating different parts of central and eastern Cupertino.

For more information about housing and recent sales around the district, see Homes Near Main Street Cupertino.

Condos and Townhomes in Cupertino

New projects such as 20045 and 20065 Stevens Creek Boulevard add to a Cupertino attached-home market that already includes established condominium and townhome communities across the city.

For buyers, comparing a future new-construction townhome with an existing property involves more than purchase price. Important considerations can include HOA dues, reserves, insurance, warranties, property taxes, floor-plan efficiency, parking, outdoor space, school assignments, and the timing of a new development's completion.

Buyers researching the broader attached-home market can review Cupertino Condos & Townhomes Near Apple Park.

Schools and Property-Specific Boundaries

School attendance is an important consideration for many Cupertino buyers, but a Cupertino address or 95014 ZIP code does not by itself determine a property's school assignment. Attendance boundaries can differ by address and may change over time.

Buyers considering this development should verify the applicable elementary, middle, and high school assignments for the specific property directly with the appropriate school districts when the individual homes and addresses become available.

For a broader explanation of the area's school systems and boundaries, see the Cupertino School District Guide.

When Will the 32 Townhomes Be Available for Sale?

No public sales launch, pricing schedule, reservation program, HOA information, or completed-home delivery schedule should be assumed from the project's land-use approval alone.

Future buyers should watch for subsequent development milestones, including building permits, construction activity, marketing information, floor plans, pricing, HOA disclosures, and an eventual sales release.

This page will be updated when material new information becomes publicly available.

Frequently Asked Questions

What is being built at 20045 and 20065 Stevens Creek Boulevard?

An approved Dividend Homes project calls for 32 townhomes in six three-story buildings on approximately 1.8 acres, replacing three existing office buildings.

How many affordable homes are included?

Six of the 32 townhomes are planned as median/moderate-income Below Market Rate homes, representing 18.75 percent of the project.

Has Cupertino approved the project?

Yes. The Cupertino Planning Commission approved the project 5-0, and the Cupertino City Council subsequently approved it 4-0-1 at its January 21, 2026 hearing.

Who is developing the project?

Dividend Homes is the project applicant and Dahlin Group is identified by the City of Cupertino as the architect.

When will the townhomes go on sale?

A public sales date, pricing schedule, floor plans, HOA information, and reservation process should not be assumed until those details are formally released. Buyers interested in new Cupertino townhomes can follow this page for material project updates.

Related Cupertino Real Estate Resources

Work With a Local Cupertino Real Estate Expert

Bruce Wagg represents buyers and sellers throughout Cupertino and the South Bay and follows local development projects, neighborhood sales, school boundaries, and new housing activity that may affect the Cupertino real estate market. Buyers interested in 20045 and 20065 Stevens Creek Boulevard or other upcoming Cupertino developments can reach him at (669) 202-7777.

Learn more about Bruce Wagg

Project information is based on publicly available City of Cupertino records and project application materials. Development plans, construction schedules, affordable-housing procedures, pricing, floor plans, and sales timing may change. Buyers should verify current information with the City, developer, applicable housing agencies, and project sales representatives when available.